Crypto Fraud Exposing Legacy Banks to Compliance Issues

by Blair Thomas

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In 2019, cryptocurrency crime losses reached $4.5 billion, according to a CipherTrace report. Let’s discover more details and find an exceptional high risk merchant account for your eCommerce business.

Crypto Fraud Losses

Cryptocurrency-related crime losses more than doubled in 2019, thus making up $4.52, as blockchain forensics company CipherTrace reports.

The majority of the crimes were associated with fraud and misappropriation ($4.1 billion). Thefts and hacks dropped by 66% from $1.08 billion in 2018, thus reaching $371 million last year. Specifically, there was a shift from thefts and exchange hacks toward Ponzi schemes, exit scams, and other con games.

Did you know that the typical top 10 U.S. banks facilitate nearly $2 billion in illegal cryptocurrency transactions on a yearly basis without being aware of this?

Besides, in 2019, banks paid record anti-money laundering (AML) fines globally, which was over $6.2 billion. This figure is expected to grow this year as crypto-related money laundering and sanction evasion enforcement increases.

Do you have the right protection for your online transactions? In case you need unmatched fraud prevention and chargeback mitigation services, just turn to a reputable payment processor in your field. A true payment expert can get you the safest high risk merchant account without delay.

Crypto Money & Blockchain

The year 2020 is going to become the year of true benefits and complexities of transformative regulation in finances. When it comes to cryptocurrencies and blockchain, they aren’t something new, but they became more widely adopted and accepted during the last 10 years.

Their growing adoption and acceptance become more vividly expressed in the private sector. In addition, consumers and governments globally are learning how to put the regulations into implementation across industries.

Today, there’re about 2.500 cryptocurrencies accounting for over $252.5 trillion. The price varies from 1/4 to thousands of dollars. However, their exact price tags are subject to fluctuations each and every day.

To wrap things up, CipherTrace, a blockchain forensics company, has reported that the monetary losses associated with the crimes related to crypto money are on the rise. Take the right measures to protect your transactions from fraud.

Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that can easily get you the cheapest high risk merchant account in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.

Photo by Clifford Photography on Unsplash

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