Austrac outlines how to spot ransomware and detect abuse of digital currencies

Australia’s financial intelligence and regulatory body Austrac has released two financial crime guides to help businesses detect and prevent criminal abuse of digital currencies and ransomware.

Each guide offers practical advice to help businesses identify if a payment is related to a ransomware attack, or if someone is using digital currencies and blockchain technology to commit crimes such as money laundering, scams, or terrorism financing.

Some of the specific indicators Austrac advises to watch out for when identifying if someone is using digital currencies for terrorism financing, for instance, is when transactions to crowdfunding or online fundraising campaigns are linked to ideologically or religiously motivated violent extremism focused forums, or when a customer account receives multiple small deposits, which are immediately transferred to private wallets.

When it comes to identifying potential scams related to digital currencies, Austrac listed that some of the potential indicators could include a customer not fitting the “usual profile” of a digital currency trader or investor; when a customer shows little knowledge regarding digital currency during on-boarding but purchases digital currency quickly and sends the funds to another digital currency address; and when a customer advises that they are employed to purchase digital currency on-behalf of

Read More: