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).
For more related news check out Suncrypto Exchange.
Also, read: - How Blockchain Tech Changing The Global Economy For Good
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date. Occasionally unintended errors or misprints may occur. We recommend you to please do your own research or consult an expert before making any investment decision. You may write to us at [email protected].
