Michael B Cohen, VP Global Operations, MyChargeBack
More than $17 billion has already flowed into digital assets in 2021 as family offices, hedge funds, and money managers have warmed up to cryptocurrencies. At the same time fraud involving cryptocurrencies has soared: 2021 may set new records for investment fraud: more than 14,000 investment scams were reported to the FTC in the first quarter of 2021, with victims losing $215 million in this quarter alone. Sophisticated criminals in the US and globally are using cryptocurrencies in fraud and money laundering operations, often targeting retail investors, including millennials. Despite the advent of digital wallets, frauds involving cryptocurrencies are becoming more common and have broad implications for banks, financial institutions, and investors.
In this webcast, using real-world examples we’ll:
- Explore the ways in which cryptocurrencies are used to perpetrate fraud schemes
- Discuss what regulators, including overseas bodies, are doing to reduce the risk associated with fraud
cases involving virtual currencies.
In our next webcast, we’ll highlight technologies such as investigative tools and other means being used to reduce the threat of fraud involving cryptocurrencies.