Crypto Scams are a global issue

[akeegan]

Now that crypto is allowing us to transact globally I am questioning if we are going  to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

[Duzter]

As cryptocurrency hasn't got much support from countries around the world, it doesn't serve to be a big issue for the governments. In very few incidents the government interrupt understanding the serious of the problem. Over the years the popularity and usage of cryptocurrency among common people keeps growing. The same is been used as the chance by the scammers, and the term bitcoin is mostly used to promote the scam and make the common people as prey for them.

[Janation]

As cryptocurrency hasn't got much support from countries around the world, it doesn't serve to be a big issue for the governments.

It will be a big issue.

If you read the next title, the number of cross-border payments from US Exchanges increased to 46%. It is an alarming percentage and always remembers that a lot of countries still don't regulate of support Bitcoin that much. In the future, a lot will recognize this and will use Bitcoin, even other cryptocurrencies more, I know the government already knew this and will make a certain solution for this.

[finaleshot2016]

Scams are everywhere and it's very easy to implement a project scam in the cryptocurrency world because it is being done on the internet. The Internet can be used as a tool of scamming people especially when people get attracted to profit. Since then, I encountered a lot of scam projects for not paying the bounty hunters or the participants of the said project. I also participated in debunking a scam project to its lack of proof of legitimacy.

It's a big issue and very hard to be solved since it's being done globally and we can't control it instantly.

[Tylev]

Fraud is now really a very big problem for the normal use of cryptocurrency. This is mainly due to two reasons - the slow legalization of cryptocurrency by states and the use of the Internet for fraud, in which it is not so easy to find a criminal, given that he can be anywhere in the world, and disasters of law enforcement agencies are limited by the physical boundaries of the state . This problem can be solved when the states themselves are included in the fight against fraud in cryptocurrency activities, and also establish clear rules for its use and establish clear rights and obligations of participants in the cryptocurrency market.

[dothebeats]

Awareness against such scams is what I think would be saving us from the rising numbers of such illicit activities and wrongdoings. Compliance and regulations only solves half of the equation, but if people who actively engage and participate in cryptocurrencies know the things that are being used by people to scam, they could avoid these things and not be a part of the statistic.

[Ailmand]

It is really alarming that there had been a lot of money that was taken from people's wallet in crypto and how cryptocurrency is used for illegal activities. It's not shocking since cryptocurrency offers anonimity to it's users that is why it is most likely used in illegal and fraudelent activities. That is why, some are starting to regulate cryptocurrency to lessen this risk.

In our country, due to cryprocurrency scam that is also rampant in our country, a lot of people have a bad impression about crypto which most of them are newbies. This can affect crypto awareness and adaptation due to the risk it implies.

[CryptopreneurBrainboss]

It's already happening, just like every other digital currency, bitcoin is already been used for trafficking and as payment options for drug snuggling, scam etc and most of these crimes are intercontinental. So neither of this companies you speak off can stop it because If they do interfere it'll make bitcoin more of a centralized than decentralized currency as transactions can easily be reversible without the knowledge of all parties involved. You should understand though that every successful invention/renovation has its disadvantages so the case of bitcoin won't be an exception. I believe this one of the major reasons bitcoin isn't been considered by the government body as a payment option due to it's decentralized nature that encourages anonymous crime activities. A solution to stopping these crimes might be in service providers requesting for KYC verification from their customer but again this act will be taking us backwards in regards to total decentralization.

[Beerwizzard]

The other point is that all those scams didn't come from nowhere. Before cryptocurrencies there were dozens of different HYIPs or projects that promised you to multiply your balance. No matter what payment system you use. So general picture didn't changed. There is approximately the same amount of scams. The problem is that all those garbage is now concentrated among crypto related projects.

[Kakmakr]

Now that crypto is allowing us to transact globally I am questioning if we are going  to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

Well, Cyber crimes have been on the increase every year. Yes, Crypto currency linked crimes have increased too, because scammers have just catched on to a new global payment option that was introduced and now reached global adoption.  

Do we need more anti-cyber crime organisations to help us fight against this and/or technology to help us do this? Yes, we do!

Every new technology comes with it's challenges and people will just need to adapt to the new changes in the technology. We went through the same thing with the introduction of the Internet and we saw how technology were developed to "trap" these criminals.  

[jimskiy]

Who say bitcoin and crypto are scam, do you know how first price of bitcoin when launch to public? very lower price but could be on higher price with support by many investor and now bitcoin is on higher.

[vennali]

Now that crypto is allowing us to transact globally I am questioning if we are going  to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

This is nothing new. Crypto has been allowing us to transact globally since 2009. I don't understand what do you mean by scams between countries.

I do however feel we need compliance companies for exchanges. This is for exchanges which could claim being hacked due to poor security, and it creates an internation scene. The recent hack of the New Zealand based exchange was one such example and regulations or compliance companies are certainly needed for such cases.

[moynul2050]

this problem has become an open secret, everyone knows that some of the ICOs available on this forum ended in scams. because it's not new when we follow a project and the project ends in a scam.

[Ranly123]

Now that crypto is allowing us to transact globally I am questioning if we are going  to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

It is indeed an issue not only in cryptocurrency but in the whole blockchain technology. Scams are everywhere so the best way to minimize being victimized is to be vigilant and refrain from logging in to phishing sites.

[traderethereum]

That could happen in many countries, but as long as we can do preventive way from the scam, I think there will be no problem with that.
That will be a big issue for people who are not aware and not prevent the suspicious transaction.
Money laundering will still happen if people are not to comply with the law and they want to get big money from the dirty work.
That will be an individual responsibility to prevent illegal things that might happen.

[Bitinity]

Who say bitcoin and crypto are scam, do you know how first price of bitcoin when launch to public? very lower price but could be on higher price with support by many investor and now bitcoin is on higher.

No one in this topic is saying that bitcoin and crypto are scam. The main point is that crypto and bitcoin is being used for scam/criminal activities and it is being used as a target by scammer/hacker who hack exchanges.
Coming to the main point of this topic, I do not really understand what is mean by scam between countries. Is it something like two scammers in two countries or more are collaborated to scam other countries?

[Haunebu]

You do realize that scams are a global issue irrespective of whether it is related to crypto or not, don't you op? The thing that everybody needs to understand is that no matter what happens, scams will always happen.

However, these scams can decrease by a huge extent if we properly secure all of our assets in the best way possible.

[okala]

Yes crpto scam is a global issue since cryptocurrency are global currencies but the fact is before we have agency that will help in the tracking and preventing this occurrence it have to go through the government and as we all know no country have fully accepted cryptocurrency as a legal currency within they jurisdiction.

[Indrawan77]

You do realize that scams are a global issue irrespective of whether it is related to crypto or not, don't you op? The thing that everybody needs to understand is that no matter what happens, scams will always happen.

However, these scams can decrease by a huge extent if we properly secure all of our assets in the best way possible.

Most of us aware that crypto is just scapegoat for the criminality, but the government can used this reason to banned crypto, I think something need to be done so it will be easier for government to accept, for now we need to keep on introduce and asked people to used it for positive things, because its decentralised we only can suggest, we don't have any power to verdict

[marcous]

Scams are everywhere and it's very easy to implement a project scam in the cryptocurrency world because it is being done on the internet. The Internet can be used as a tool of scamming people especially when people get attracted to profit. Since then, I encountered a lot of scam projects for not paying the bounty hunters or the participants of the said project. I also participated in debunking a scam project to its lack of proof of legitimacy.

It's a big issue and very hard to be solved since it's being done globally and we can't control it instantly.

Negative stigma is very inherent in the world of cryptocurrency, and until now that is why some countries do not legalize crypto as a means of transaction but only in the commodity futures category.