In the FBI’s 2021 Internet Crime Report, there were more than 1,250 reports of scams stemming from Crypto ATMs accounting for nearly $30 million lost. This is a small percentage of the total cryptocurrency scams that took place in 2021.
In response to this, The Cryptocurrency Compliance Cooperative and Cybera recently partnered up and launched an enhanced reporting tool that files scam victim’s complaints to help recover funds lost and share this data with law enforcement.
Who is the Cryptocurrency Compliance Cooperative and Cybera?
Cryptocurrency Compliance Cooperative
The Cryptocurrency Compliance Cooperative (Crypto3C’s) is an association that works on behalf of the crypto industry. Their main focus is to establish compliance standards, ethical/best practices, and regulatory controls within the crypto and Bitcoin ATM industry. Crypto3C’s overall mission is to educate industry participants and create a safer cryptocurrency ecosystem.
Cybera is a real-time cybercrime data sharing platform that enables the reporting of financial cybercrimes online and supports the victims during the recovery process. Cybera’s main objective is to create a safer environment for the crypto community and provide knowledge and tools that protect users from financial scams.
What is this Scam reporting tool?
Crypto3C’s and Cybera’s scam reporting tool allows people who are victims of crypto scams to report any Bitcoin ATM or crypto-related outlet simply by filling out a brief form online. Powered by Cybera’s data-centric platform, your complaints will immediately file criminal complaints to try to aid in recovering the funds. It will also share these reports and data with law enforcement groups to prevent further negligent transactions.
You can find the new reporting tool on The Cryptocurrencies Compliance Cooperatives website here.
With this partnership Crypto3C’s and Cybera will be able to educate while also effectively and safely sharing victims reports with law enforcement by utilizing data for typologies and tent analysis.
This tool won’t only be an outlet for victims of crypto-related scams to report threats, but it will also help identify the scammers and prevent future crimes.
*This blog article cannot and does not contain legal advice. The information is provided for general informational purposes only which are factually based on research and personal experience. This is not a substitute for professional advice from your own legal counsel. Accordingly, before taking any actions based upon such information, we encourage you to consult with your legal counsel. We do not provide any kind of legal advice. The use or reliance of any information contained in this blog is solely at your own risk.