The HMRC Works to Eradicate Cybercrime through Tech Tool

News / 21.01.2020

The British tax agency recently released a notice inviting contractors to provide technological tools aimed at combating crypto cybercriminals. This technology valued at 100k GBP was released on the 17th of January with the main agenda of gathering intelligence using cluster analysis. The first team much awaiting this technology’s release is the Her Majesty’s Revenue and Customs (HMRC) teams. It will create a correlation of crypto assets transactions with service providers. 

There are 10s, maybe hundreds of other free online tools and human analysts. However, the HMRC wants a commercial product to identify loopholes that allow cybercriminals to act. 

HMRC network is planning to track and analyze the leading crypto assets, mostly the privacy tokens. Privacy tokens like Dash, Monero, and Zcash, are hard to trace owing to the technologies they institute. Among the technologies are Zn SNARKS, masking, and many others, and privacy makes the coins most used by criminals. 

Establishing this cybercrimes team was to respond to the British tax revenue fraudulent attempts. HMRC’s repayment system is open to attacks from clever cyber crimes including phishing scams. 

Success rates of these phishing scams are due to the willingness of people to respond to criminal messages. Most phishing messages are often clear and attractive that they seem trustworthy to the people reading them. 

Thanks to the cybercrimes team’s strong efforts, HMRC, which ranked sixteenth in the most phished brands globally, ranked 146th in 2018. However, although the crime rates are reducing, the criminals evolve as new law enforcement and regulations also develop. 

For instance, Chainalysis identified that terrorists are improving on their financing options with crypto assets. Recently the Chainalysis platform has been able to track over 2.8 billion US dollars worth of bitcoin from criminal organizations that go through exchanges.

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.