The Indian Institute Of Technology Kanpur is working on a tool called HOP which will detect the fraud in all cryptocurrency transactions. This tool is designed to help the Uttar Pradesh police force in cracking and solving cases related to fraud in digital transactions.
Professor Sandeep Sukla from IIT Kanpur said that this tool HOP can analyze cryptocurrency transactions. He added
The tool is less expensive than comparable international equipment. "By September, our tool would be ready to assist the UP police in cryptocurrency fraud investigations.
Subhash Chandra, ADG, and Cybercrime highlighted the importance of cybercrime awareness programs and capacity-building for police agencies in order to prepare to respond to the threat. Subhash Chandra added
In a year, we've taken action against 37,000 accounts, banks, and cards, and we've recovered Rs 9.5 crore.
Triveni Singh, SP, Cybercrime, said the program is a joint initiative of the MHA and the Uttar Pradesh Police Department. It is the first of its kind to raise cyber safety awareness and build capacity in police units.
Basic skills and procedures, he noted, are essential for investigating VOIP-based calls, which have become increasingly common in extortion instances.
Cryptocurrency is appealing to more than just investors; cybercriminals are attracted by the potential of unregulated money. It's opened up new attack routes and a new means for hackers to go undetected. Many hackers demand payment in cryptocurrencies from victims of attacks like ransomware or DDoS extortion (V2C – victim-to-criminal).
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Also, read: - How Blockchain Tech Changing The Global Economy For Good
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