Cryptocurrency scams and fraud will be filtered soon?

"Virtual" and fraudulent cryptocurrency projects will be screened and risks will be warned early globally with the cooperation of countries.

"Filter" scam projects

Vietnam has allowed a pilot market for crypto assets, including cryptocurrencies and digital currencies, but has also been warned that there will be many risks, especially fraud in the field of digital currencies. Therefore, with the signing ceremony of the UN Convention on Cybercrime Prevention ( Hanoi Convention) that has just taken place with representatives of 72 countries registering to participate in the convention, these risks will be limited.

Preventing cybercrime, tracing and cryptocurrency fraud will be more effective after more countries join the Hanoi Convention.

PHOTO: DAO NGOC THACH

Cyber ​​security expert Vo Do Thang analyzed the scams in the cryptocurrency market, related to cryptocurrencies globally and in Vietnam, that have been happening continuously in recent times. The first reason is that the nature of cryptocurrency is decentralized and transactions are anonymous. This makes it impossible for any organization or country to monitor and from there, many fraudulent projects arise. Second, many countries have not had relevant regulations in the past, so there is no basis to handle fraud and crimes in the cryptocurrency field. Any individual or organization can issue cryptocurrency, launch "virtual" projects or "catch thieves with bare hands" to defraud investors.

Therefore, when many countries agree to join the Hanoi Convention, they will review, amend and promulgate relevant laws on cybercrime, including cryptocurrencies. From there, individuals and organizations that want to issue cryptocurrencies will have to comply with general regulations. In other words, any activities or projects that are introduced to the public will have to be identified and no longer anonymous. From that legal framework, there will be a monitoring mechanism from ministries and branches not only of one country but also of many countries.

The Hanoi Convention can be likened to an Interpol (International Criminal Police Organization) in cyberspace, which will help Vietnam in particular and many other countries more effectively prevent international fraud and fight cybercrime in general.

Cyber ​​security expert Vo Do Thang

In addition, global coordination under the Hanoi Convention will help many countries when there are cyber attacks or fraud investigations in the cryptocurrency market to have a contact point, exchange data and trace faster. At the same time, data sharing in security activities and fighting cybercrime is very important so that countries can give early warnings to the market.

"The Hanoi Convention can be likened to an Interpol (International Criminal Police Organization) in cyberspace, which will help Vietnam in particular and many other countries more effectively prevent international fraud and fight cybercrime in general," Mr. Vo Do Thang shared.

Sharing the same view, cyber security expert Ngo Minh Hieu also said that in the past, fraud or money laundering using cryptocurrencies were often discovered when criminals withdrew money through a certain official exchange. On the contrary, fraud cases would be difficult to trace if criminals used "mixers" and traded through many different cryptocurrencies. But in the near future, with the coordination between many countries and sharing data, tracing will be faster and more effective. At the same time, the problem of handling individuals and criminal organizations or fraud will also achieve higher results.

Mr. Ngo Minh Hieu emphasized: Previously, individuals and organizations that commit fraud resided in a certain country and even if Vietnam discovered it, it could not be handled because there was no basis for cross-national coordination. Having the Hanoi Convention will have a clear legal basis and that coordination will help detect and handle crimes faster, and can even prevent and reduce the number of victims of fraud and attacks.

Limit market risks

According to Mr. Vo Do Thang, the most important thing is that the participation of many countries has shown consensus and agreement to prevent and combat cybercrime in general or fraud in the cryptocurrency market in particular. Because according to the trend of technology development, cybercrime is still growing strongly. In particular, the crypto-asset market and cryptocurrency is a field that has many potential risks for investors and organizations participating in the market.

Creating a common legal basis in the fight against cross-border crimes

Most of the cyber attacks targeting Vietnam's infrastructure come from groups abroad. Therefore, the unification of criminalization in the Hanoi Convention will be an important step forward, creating a common legal basis in the fight against cross-border crimes. At the same time, the identification and prevention of risks in cyberspace, international cooperation and capacity building, and technical support will be increased. For Vietnam, experts and officials in charge of cyber security will have to improve their own capacity to be able to coordinate with developed countries such as the US, Europe, etc. Service providers and companies providing cyber security solutions will also have to upgrade their quality, products, and solutions to comply with the world 's common technology standards.

Mr. Vu Ngoc Son , Head of Research, Consulting, Technology Development and International Cooperation of the National Cyber ​​Security Association

Mr. Ngo Minh Hieu further analyzed: Cryptocurrency fraud is often a cybercrime combined with transnational finance. In other words, cryptocurrency fraud is a cross between these two types of crimes. In which, transnational financial crime organizations can use cryptocurrencies to launder money, finance terrorism; while cybercrime is related to attacks on electronic wallets, fraud and money appropriation in cyberspace. The Hanoi Convention with its content focusing on preventing and combating cybercrime also mentions cryptocurrencies in its implementation contents.

To effectively apply to the prevention of cryptocurrency fraud in particular and cybercrime in general, Vietnam has been applying many solutions. For example, the Cybersecurity Law is about to be passed or the policy on the crypto asset market has also been issued. At the same time, many programs and campaigns for the whole population to participate in fighting fraud and raising awareness for people. This is quite important because when people are vigilant and less likely to be scammed, the authorities can also focus more on other cases such as anti-money laundering, large-scale cyber attacks, etc.

"The Hanoi Convention will create clear and consistent coordination between countries. In particular, the issue of sharing cybercrime data and sharing digital evidence across borders will help many countries in general and Vietnam in particular to have the conditions to prevent, stop and destroy cybercrime groups in general or cryptocurrency fraud in particular more easily. Vietnam also needs to quickly train human resources in information security skills; at the same time, encourage businesses to develop new technology products suitable to Vietnam's practical needs to meet the needs of information security and prevent cybercrime," said Mr. Ngo Minh Hieu.

Source: https://thanhnien.vn/lua-dao-gian-lan-tien-so-se-duoc-loc-som-185251029230428119.htm