Meet Or Exceeds Analysts Expectations
Believe it or not, losses from cryptocurrency crimes saw a very, very large increase in 2019. Yes, it is not too hard to believe. Cryptocurrency is becoming more and more favorable in the the world of crime, it’s should be expected to increase. But more than double is sure to have met or exceeded analysts expectations. According to a blockchain forensics company named CipherTrace, losses were up nearly 160% from 2018’s total of $1.74 billion. Blockchain is the system which first emerged as the power behind bitcoin and is a shared database maintained by a network of computers.
Changing Face Of Financial Crimes
Unfortunately financial crimes are not expected to decrease any time soon. In fact, their complexity only appears to be growing and growing. The days of a simple double-set of books or a hidden safe are a things of the distant past. Today’s financial crimes investigator has to not only of a strong wealth of experience behind them, but they need to stay abreast of the ever-changing use of technology and digital currency in the majority for criminal activities. It is believed that a typical typical large U.S. ban processes billions of dollars annually in undetected cryptocurrency-related transfer. But since cryptocurrency is a relatively new form of monetary exchange, governments and regulators around the world have grabbed with creating regulations and instituting laws to prevent money laundering and protecting consumers. Until they do, the floodgates for the use of cryptocurrency in the commission of financial crimes.
Cryptocurrency Crimes On A Great High
There are so many types of financial crimes being conducted all across the globe. Crimes such as Embezzlements, Ponzi Schemes, Dating Scams, Nigerian Scams, Tax Evasion, Money Laundering, etc., etc. The list is long and storied. These types of financial crimes will never disappear. But their methods are certain to change. The use of cryptocurrency as a facilitator of these crimes will surely only grow in prevalence. This means that those investigating financial crimes investigations, will need to adapt to the new world.
SFI Forensics Has The Tools
At SFI Forensics, we strive to keep up on the latest tools to combat financial crimes in this advanced age of digital technology. It is important for us in order to provide the best advice and consultation to our clients. We achieve this by continuing our professional education and maintaining a wide array of professionals who have the necessary training and experience. We believe we have achieved this superiority in the forensics field and provide the best expertise available. Please feel free to contact us at info@sfiforensic.com or at 1-800-910-1389 and schedule a free initial consultation.