Exploring Data Sharing Solutions to Combat Crypto Scams Amid $9.9 Billion Fraud Crisis in 2024
Main Idea
Crypto scams reached $9.9 billion in 2024, with 90% of UK crypto apps failing AML checks, highlighting the urgent need for data sharing to combat fraud in the cryptocurrency sector.
Key Points
1. Crypto scams accounted for $9.9 billion in losses in 2024.
2. 90% of UK crypto apps failed Anti-Money Laundering (AML) checks, indicating significant compliance issues.
3. The industry must adopt data-sharing solutions to improve fraud detection and compliance.
4. Data sharing can help track and block fraudulent activities more effectively.
5. Building a crime data-sharing ecosystem is crucial to overcoming fraud and ensuring sustainability in the crypto sector.
Description
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