A Fraud Risk Management Framework For The Bitcoin Ecosystem
With the growth of Bitcoin’s popularity, more businesses are starting to accept it as a mode of payment. As with any financial asset, increased acceptance is coupled with a rise in fraud attacks. Although Bitcoin was designed so that transactions are publicly verified, the Bitcoin ecosystem will always witness attempts at double spending as a primary way of committing fraud on the network. Criminals look to a) spend coins at stores while also, b) transferring the same to their own wallets, thus effectively revoking payments and defrauding merchants. Fraud Typologies Fraudsters adopt....
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