Britain’s HMRC Cybercrime Team to Use Tech Tool to Combat Crypto Cybercriminals

News / 21.01.2020

The British tax agency invites contractors for the provision of a technology tool to assist in combating cryptocurrency cybercriminals. It was released on January 17 in an open contract call valued at 100k GBP. The technology is expected to help gather intelligence via cluster analysis.

The cybercrime team of Her Majesty’s Revenue & Customs (HMRC) anticipates the technology to enable the correlation of transactions related to crypto-assets with service providers.

Despite the availability of free online tools as well as human analysis, HMRC prefers a commercial product to enable the agency to find loopholes that foster the activities of criminals.

HMRC is looking forward to tracking and analyzing, at least, the leading crypto assets coins as well as privacy tokens Monero, Zcash, and Dash, as it has not been easy to track them.

The establishment of the cybercrime team was in defence of British tax revenue from fraudulent attempts. The repayment system of HMRC is open to attacks from complex and clever cybercrimes. The most remarkable attacks are phishing scams.

The phishing scams are successful due to the readiness of the people to respond to HMRC and because the criminal messages seem trustworthy. In 2018, the Cybercrime team moved from the sixteenth “most phished brand globally” to the 146th, due to much effort.

But criminals are still finding new means as law enforcement, and regulatory efforts keep evolving. In the previous week, a report highlighted the increase in terrorist activities more skillfully with crypto to fund operations.

Chainalysis was able to identify the first affirmed case involving the use of crypto for terrorist operations. It involved Izz ad-Din al-Qassam Brigades (AQB), Hamas’s military arm, and noted terrorist organization.

In recent times, Chainalysis was able to track Bitcoin worth 2.8 billion USD from criminal enterprises via exchanges.


Featured image courtesy of Source: Cryptopress.

Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.