Cryptocurrency Compliance Cooperative launches Scam Reporting Tool

The Cryptocurrency Compliance Cooperative introduced a new Scam Reporting Tool in partnership with Cybera, a global cybercrime data-sharing platform.

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This tool will allow victims of cryptocurrency-related scams to report threats and incidents to officials to help track and recover funds. It will also help identify these bad actors to law enforcement and prevent future crimes.

Specifically, the Scam Reporting Tool allows victims of cryptocurrency scams to report any Bitcoin ATM, online exchange, or crypto-related outlet by filling out a brief form online. Powered by Cybera’s platform, the tool automatically files criminal complaints for victims to hopefully recover funds. It also shares cybercrime data with law enforcement officials and blockchain forensics partners, which will use the data to assist with trend analysis and prevent further victimization, money laundering, and fraudulent transactions.

“We are committed to providing education to all industry participants in order to create a safer cryptocurrency ecosystem. Part of that involves providing law enforcement with resources and access to data they can utilize,” Seth Sattler, executive director of the Cryptocurrency Compliance Cooperative, said. “Partnering with Cybera, one of the Crypto3C’s member organizations, to launch this tool allows us to efficiently and safely share victim reports with law enforcement and utilize the data for typologies and trend analysis.”

Last year, there were more than 1,500 reports of scams using crypto ATMs, with losses of approximately $28 million, according to the FBI’s Internet Crime Complaint Center 2021 Internet Crime Report. The center received more than 4,325 complaints, with losses of over $429 million, from confidence/romance scam victims who also reported using investments and cryptocurrencies.

“The Cryptocurrency Compliance Cooperative’s collaborative efforts align perfectly with our mission of improving the financial ecosystem and supporting victims of online crime,” Nicola Staub, co-founder and CEO of Cybera, said.

The Cryptocurrency Compliance Cooperative is a collaborative association led by top Bitcoin ATM operators and blockchain industry leaders advocating for compliance standards in the cryptocurrency industry. All member companies will have access to the anonymized data surfaced by the Scam Reporting Tool free of charge.

The Scam Reporting Tool can be accessed on the Cryptocurrency Compliance Cooperative’s website.