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AI, Cryptocurrency, Featured

Cryptocurrency Intelligence and Analysis Tool (CIAT) Launched by India To Fight Cyber Fraud

Cryptocurrency frauds have substantially increased in India. Pune is one such Indian city in which there have been over 50 complaints received by the cyber crime police station. Most victims of cyber fraud related to cryptocurrency are professionals and business persons from high-income groups. Therefore, it is necessary to have a good modern-day crypto trading platform. CIAT has the potential to combat the menace and save people’s hard-earned money.

Challenges of the Cyber Fraud Problem

Cryptocurrency Intelligence and Analysis Tool aims to fulfill the following problems of cyber fraud.

  • In the dark web, cryptocurrencies like Ether, Bitcoin, Tether, etc. are sometimes used in performing illegal activities. Before the CIAT, there was no indigenous analysis tool and updating of a database of cryptocurrency. 
  • The crypto tool has identified the type of cryptocurrency in the addresses. 
  • The usage of cryptocurrency on darknet websites needs a comprehensive tool to effectively monitor its usage
  • Cryptocurrency trading platforms such as YaCrypto have many features like safety and security. It also offers fast transactions. An ideal crypto tool should have these facilities to pinpoint the cryptocurrency type. 
  • India also faces regulatory challenges which simply increases the problem of cyber fraud. Cyber frauds also become challenging because the world suffers from an evolving landscape of financial frauds. 
  • Third-party software also increases the risk of crypto currency fraud. These investors may use third-party tools to handle digital assets in certain circumstances. For example, some investors use crypto tax reporting services for additional cybersecurity threats. 

CIAT Features That Can Counter Fraud

Developers have designed the CIAT in a way to reduce cyber fraud consistently. The most prominent features of CIAT are as follows.

Tracking and identifying Cryptocurrency

Cryptocurrency Intelligence and Analysis tools can actively identify and track cryptocurrency wallets. This tracking can reduce the chances of fraud. This is because it will cover crucial information such as timestamps, utilized exchanges, addresses, and service types.

Alert feature

The CIAT has an alert feature. It will automatically generate alerts whenever CIAT identifies anything unusual or irregular. The tool also can issue alerts whenever suspicious accounts carry out transactions. 

Comprehensive Database

CIAT has an extensive database and it includes information on cryptocurrency exchanges in the world. It also has all relevant contact details. This database will serve as a database for law enforcement agencies. Moreover, it will help them to establish contact with these exchanges whenever necessary. 

Also Read Israeli Police Freezes Crypto Accounts of Hamas

To sum up

The rising number of cryptocurrency frauds is a cause of concern for the Indian Government. After seeing no other option in sight, the government has come up with CIAT. The CIAT has many features that can help in reducing cyber fraud. It can indirectly make cryptocurrency exchanges more transparent and safe.


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