Why is bitcoin so susceptible to fraud?
Bitcoin is trying hard to grow up. As we have seen, when the price of bitcoin rises, there inevitably comes real money to invest in its future. There are still many skeptics out there that don't believe in bitcoin. They don't think that it is real money. They don't think that it has any value. And to be sure, there just aren't enough real ways to spend it yet. Bitcoin Savings and Trust. All of these aspects of Bitcoin seem to bring to it a fraudulent, secretive element. It's harder to trace bitcoins in smaller amounts, so any scammer looking to make some cash from bitcoin would do well to....
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If that wasn’t enough, more than one in ten consumers admitted they lack the confidence in their financial institution to protect them against fraud. Payment fraud is a matter more consumers should be concerned about. A new report by ACI shows how nearly one in three consumers has dealt with card fraud over the past five years. There are alarming numbers, even though this is another clear example as to why Bitcoin is entirely different in a positive manner. The report published by ACI is not hinting at a positive future for payment card users around the world. Keeping in mind how almost....
Recent cases involving crypto fraud serve as a timely reminder to do your own due diligence until regulators take more action. If something sounds too good to be true, it probably is. The California Department of Financial Protection and Innovation (DFPI) announced last month that it had issued desist and refrain orders to 11 entities for violating California securities laws. Some of the highlights included allegations that they offered unqualified securities as well as material misrepresentations and omissions to investors.These violations should remind us that while crypto is a unique....
After a joint investigation was conducted by the US Immigration and Customs Enforcement and Homeland Security, seven people were arrested. Fraud is an international business, albeit some countries seem more prone to criminal activity than others. Six Nigerians have been arrested and sentenced for their role in a US$40m fraud scheme. Although Bitcoin was not involved – from what we can tell – they used any other means at their disposal to defraud users all over the world. Among the scams run by this group are check fraud secret shopper schemes, and personal assistant work-from-home fraud....
The idea of bitcoin has a lot to recommend it. In particular, a global currency that requires few or no middlemen (thus keeping transaction costs low) has special appeal in a world where it seems like every bank and credit-card company is looking for yet another way to squeeze a few bucks or quid in "service fees" from customers who don't notice a lot of, you know, service. But it would be wise for even the most fanatical bitcoin devotee to remember this: bitcoin is still just a human invention. A highly clever and useful one, no doubt ... but still susceptible to all the human foibles and....
Cryptocurrency prices may be highly volatile, but one thing for sure is that they are here to stay. They were only seen as an alternative to make efficient transactions across borders in the early days. However, governments’ arbitrary inflation of fiat currencies has seen Cryptocurrencies become a far more reliable store of value. But like every nascent industry, the storage of digital assets in the blockchain world has been bedeviled by specific challenges. The anonymity and instantaneous features of blockchain transactions mean that the industry is disproportionately susceptible to....