As the use of cryptocurrency grows, more criminals are likely to start using it to raise, move, and conceal money outside of the established banking system, according to Canada’s financial intelligence agency.
In a report published on Monday, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) stated that ransomware attacks and the concealment and cleaning of fraudulent profits are the most frequent types of criminal activity involving cryptocurrencies.
Fintrac expanded its strategic intelligence programme to increase its knowledge and comprehension of the risks and vulnerabilities related to virtual currencies by building on the funding it had received in the previous two years’ budgets.
“Fintrac continues to operate in a challenging environment with new and evolving technologies and financial products, rapidly shifting global financial systems and geopolitical events constantly shaping our work,” agency director Sarah Paquet stated in the report.
This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
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