Dec 27, 2018
Recognized as a global leader in RegTech for blockchain, Coinfirm serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that solves compliance and transaction risk issues in blockchain and cryptocurrencies. The blockchain agnostic platform is currently used by anyone ranging from major financial institutions to exchanges. In addition, Coinfirm develops dedicated blockchain solutions such as the data provenance platform Trudatum that was recently integrated by the largest bank in CE.
Welcome to week 20 of the Crypto Alert of the Week series by AMLT, a series dedicated to documenting interesting or high profile frauds/hacks etc that recently happened and have been reported into the AMLT Network and show how the AMLT Network can help track and prevent it in the future.
With the prevalence of not-so-subtle giveaway phishing that has plagued the crypto community for a very long time now, we’re also seeing a rise in more complex fake ad campaigns which have the same target as the fake giveaways – getting an unsuspecting person to transfer them as much of their funds as possible.
As we can see, the campaign masks itself as a legitimate news source (in this case CNBC) in an effort to trick people into entering the site. The headlines are all about the (obviously fake) news, that Singapore is creating a national cryptocurrency.
The site that the ads redirect to is a pretty well made copy of the CNBC site with articles about this alleged new crypto spread all around it. The whole point of this is seen in the first lines of text, where tons of hyperlinks are inserted supposedly leading to exchanges, where one can buy the “Singaporean crypto dollar”.
The links lead to a notorious fake exchange - “CoinPro”. The site is already known for straight up refusing any withdrawals to it and is set up only to drain unsuspecting clients money. Even the registration form is a complete fake, letting through anything that wants to register. Oddly enough, the fake-advertised “Singapore Coin” isn’t even there. In an email the exchange claims that it appears only after funding the account, which is another trick to get people into throwing money at this financial black hole of a site. These scammers even go as far as to contact people on their telephone number, constantly trying to get anyone to deposit.
As the cryptocurrency space is being plagued by these sorts of scams, AMLT is trying to mark and help fight any and nefarious activities in crypto space. Submitting data on these activities into the AMLT Network helps with identifying and preventing phishing/hacking attempts and helps with raising awareness of these schemes through the Coinfirm AML Platform that is used by over 100 blockchain and crypto related entities ranging from exchanges to banks.
This is a great example of an AMLT use case. Whenever a person is unsure if the entity they’re transacting with is trustworthy, they can generate a Coinfirm AML Risk Report, which, thanks in part to the data provided by AMLT Network Members is able to accurately assess the risk in trading with that counterparty. Below you can see an AML Risk Report generated for a fake exchange:
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The AMLT Team