Digital intelligence has become an increasingly important tool in the fight against crypto crime, as criminals are utilising ever-more advanced tactics to hide their activities. To stay ahead of the curve, law enforcement agencies and financial institutions need to adapt quickly and leverage digital intelligence capabilities such as artificial intelligence (AI), machine learning (ML), and data analytics.
Two of the most common crypto currencies are Bitcoin and Ethereum. AI can be used to create models that detect suspicious patterns and activities associated with these currencies. By leveraging machine learning algorithms, the models can recognise and flag suspicious transactions, allowing for faster detection of criminal activity.
Criminals can use Bitcoin to launder money, buy and sell illegal goods online, finance terrorism, and engage in other types of financial fraud. Due to its decentralised nature and lack of regulation, criminals often find it easy to hide their activities. AI-powered models are able to detect these activities by looking for patterns that indicate suspicious activity and flagging them for further investigation.
Money laundering is the process of disguising the proceeds of criminal activity to make it appear as though they were attained from a legitimate source. One example of money laundering is placement. Now this involves introducing what is so called dirty money into financial systems. Criminals can use cryptocurrencies such as Bitcoin to withdraw clean money from this and therefore hide the so called dirty money. A lot of people would question that you can't buy things or pay your rent with Bitcoin. So it's important to mention how the criminals have to get real money out of this Bitcoin because it's all well and good having the money getting traced.
It's important to highlight that not all Bitcoin is used for illegal purposes. It's got quite a lot of social media attention and attention from new sources where it's only being highlighted for these illegal activities. However, its also a case for a decentralised banking system and there is a small minority within the world that are pushing forward for this. The intention behind Bitcoin was never to be such, such a high for criminal activity.
Listen to our consultants discuss their opinions on Bitcoin and the dangers of crypto currencies being used in the criminal network as well as for legal reasons as well. At DarkInvader, we actively monitor the Dark and Deep web for your businesses URL through our OSINT techniques to mitigate any threats and risks to your business.
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