If something smells fishy, AUSTRAC will know. The Australian enforcement agency releases two new guides to help entities spot when customers are using crypto for illicit means or when they are being forced to pay the creators of ransomware.
“Cyber-enabled crime is an increasing threat to Australians. According to the Australian Cyber Security Centre , 500 ransomware attacks were reported in the 2020-21 financial year, an increase of nearly 15 percent from the previous year,” AUSTRAC stated.
Blockchain Australia CEO Steve Vallas welcomed the new guides, stating that the “use of digital currencies for criminal purposes has no place in our sector.” While the indicators might seem obvious, AUSTRAC pointed out that most “victims are often reluctant to report,” as they are looking to get their businesses out of the clutches of attackers and up and running again as soon as possible.
After purchasing digital assets with fiat , the criminal will then attempt to convert the assets across different accounts and platforms to “distance the funds from the source.”
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