Yet another government official is waking up to Bitcoin’s significance beyond its role as an asset. Rand Paul – Republican senator and well-known libertarian – recently questioned whether “cryptocurrency” could become the world reserve currency. As Bitcoin gains traction and legitimacy around the world, this reality grows ever-more plausible. Weakening Trust in Government Money Rand Paul aired his thoughts in an interview with Axios on Friday. The senator surmised that as trust in government decreases, “cryptocurrency” could “actually become the…
Cryptocurrency-related crimes have been around for quite some time. Perpetrators are coming up with new methods as blockchain technology advances. Since Google deals with internet-related services, it is perfect for solving crypto crimes.
Inform Investors on Crypto Crimes
As more people are getting into cryptocurrencies, scammers are revamping new ways to steal funds. Crypto criminals can steal their crypto through crypto-jacking. Cryptojacking happens when a crypto mining code gets into the target’s computer through phishing tactics. Phishing attacks occur in the form of emails with a link that runs the script in the background. That’s how it accesses their crypto.
The majority of new investors are not aware of the loss that may emerge on clicking suspicious emails. Google can develop programs that educate crypto investors about the risks they face. Also, they can block emails from questionable sources on Gmail and ask the investors to be aware.
Cooperating With Crypto Exchanges for KYC
Worldwide, money laundering is an enormous concern. While crypto transactions are cheaper and quicker for international transactions, they make transactions prone to attacks. Such activities include money laundering and terrorist financing. Most exchanges nowadays need AML and KYC for users to transact on the platform.
These protocols track issues of identifying who practices fraudulent activities or suspicious sources of funds. Google can assist both exchanges and regulatory bodies with more information about the person involved. They hold addresses and more details of people using Google services such as Gmail and have email accounts.
Closing Suspicious Crypto Websites Until Verification
Another form of crypto-jacking is using a clickable website or ad and posting it on several websites. Once the investors go to a corrupt website, the script automatically executes. However, in this case, the computer doesn’t store the code. Instead, the code still runs complex mathematical problems on that computer. Finally, it sends the results to a server that the hacker controls.
These scripts have massive capabilities, and this allows them to infect other devices and servers. Hence, they are hard to find and remove, which works to the advantage of crypto-jacking. Google can come up with a system that identifies malicious websites and blocks their activities.
Creating a Platform to Report Crimes
Most new investors do not know where to report suspicious activity when they see it on the internet. Whether it is a website, phishing, or a scam related to cryptocurrencies, no set program only deals with that. Google can set up a platform with customer care services that actively considers any form of crypto crime.
From here, they can forward the information they have to the Commodity Futures Trading Commission, the SEC, or TFC for further action. Google can play a huge role in mitigating crimes that relate to crypto. They might not end it, but they can reduce it excellently.
A Team Effort Goes a Long Way
Google is not the only platform devoting or has made strategic decisions to improve overall internet health.
Microsoft, for example, has been working on the issue for the longest time. They have assigned Digital Crimes Unit, a firm with impressive results in taking down online cybercriminals. Their team has also partnered up with law enforcement agencies to take action against those proven guilty.
Microsoft efforts have extended to a Cybercrime Centre on Redmond Campus with engineers, lawyers, IT technicians, and others. Google might not exactly match that at this time. However, cybercriminals should worry as these top giants increase their focus and light on online crime. Microsoft and Google may be competitors, but they can share ideas regarding online crime, including crypto.
Well, Can Google Reduce Fraudulent Cases of Crypto?
Google can play a huge role in mitigating crimes that are related to crypto. They might not necessarily end it, but they can significantly reduce it.
For instance, they can create an algorithm that can identify crypto scam sites. Moreover, they can introduce pop-up warnings when a user accidentally lands on a suspicious website. Last, they can work with crypto exchanges and regulators to identify the perpetrators.
Measures that Google has in Place
Google has made some effort so far when it comes to crypto crimes. When it comes to advertising crypto exchanges on Google Ads, they have to register with FinCEN. They should also follow legal requirements, follow state rules and adhere to Google Ads policies all the same. ICOs, IDOs, and crypto loans cannot use advertising yet. This was part of a new policy that came out in June but was effective from August 2021.
Google also has a Project Zero team that adds muscle to fight against cybercrime and bring about better privacy. The team will have the best technical security researchers. They will specifically be searching for security flaws in software used by most people.
As of now, the flaws go by the name zero-day exploits. That’s because security researchers did not know about them until the hackers exploited them. Both individuals, governments, and companies benefit from a reduced number of zero-day vulnerabilities. There will be less data loss and victimization. Overall, it shows that Google is working to wage through the massive cybercrime and develop long-lasting solutions encompassing crypto crime.