Cryptocurrency Compliance Cooperative Launches Scam Reporting Tool

This month, the Cryptocurrency Compliance Cooperative (Crypto3C) launched a Scam Reporting Tool, allowing consumers at Bitcoin ATMs, online exchanges, and crypto-related outlets to report fraudulent and scam activity.

Earlier this month, the Cryptocurrency Compliance Cooperative (Crypto3C) held its second meeting with more than 40 participants from our industry in attendance. We discussed current threats to consumers using Bitcoin ATMs and businesses operating within our industry and how we are working to solve these issues.

We recently launched a Scam Reporting Tool, allowing consumers at Bitcoin ATMs, online exchanges, and crypto-related outlets to report fraudulent and scam activity. The compiled data will assist industry research, control development, and prevent scam victims through information sharing efforts. The Crypto3C is also developing a Scam Victimization Knowledge Center to educate consumers about scams and cash-to-crypto companies on preventing fraud. To further progress the Crypto3C’s mission to enhance and legitimize the cash-to-crypto industry, we will publish various articles about the value of cryptocurrency, introductions to Bitcoin and Ethereum, the importance of cash-to-crypto, and the crypto ecosystem.

In the near term, we are creating white papers focused on money mule activity to open a dialogue about how unknowing and knowing money mules are using cash-to-crypto locations. Our money mule work product will be the Crypto3C’s first step towards educating the industry. We will continue to produce content centered on illicit typologies to provide first-hand industry insight and answer questions from law enforcement and regulatory groups.

Throughout 2021, the Crypto3C held multiple industry-focused training sessions for law enforcement bodies. In introductory training sessions, participants learn the industry landscape, Know Your Customer protocols, due diligence procedures, fraudulent typologies, and illicit typologies. In 2022, we expect to increase efforts, training hundreds of law enforcement officers, regulatory agencies, and other cryptocurrency industry members.

As the Crypto3C continues to grow, we are building an Advisory Board to bring our voices together and expand our relationships with law enforcement and industry participants. Since launching last August, we have received significant interest from companies and individuals applying to join the Crypto3C. Current members have volunteered to assist with vetting prospective members and onboarding new members.

We encourage Bitcoin ATM operators, traditional financial institutions, and regulatory agencies to join our effort. Together, we can educate consumers, law enforcement, and industry participants on the value of cash-to-crypto locations and reduce threatening activity within the space. We will continue collaborating with members and partners to improve compliance standards and share best practices that should span companies and organizations operating in the cash-to-crypto industry.

We invite interested companies and individuals to apply to become a member.

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