Increasing Crimes with Cryptocurrencies

Nine years ago when Bitcoin was introduced to the world, who knew it would become such a rage in the coming years. One bitcoin that came at a nominal price of $1 in 2011, has reached to more than $15,000 today. On a daily basis, a lot of unique users are added to the list of people already owning this cryptocurrency. This raises a concern about the increasing criminal endeavors.

People who invested in Bitcoin, surely gained benefit out of it. However, the cryptocurrencies also come with a few side effects that can’t be ignored. The global law enforcement acknowledges cryptocurrency as the play area of the criminals. Money laundering, extortion, tax evasion and contraband transactions have become too easy with the increased usage of bitcoins.

Bitcoin is considered to be anonymous, but in reality, it is not. All users can view the entire history of Bitcoin transactions. Considering this fact, criminals tend to find other anonymous cryptocurrencies to defeat the law enforcement. Criminals use “zero-proof technology” that removes any information such as amount of transaction, sender or recipient from the blockchain’s ledger. This blocks the tracing ability of blockchain and further prevents anti-money laundering efforts.In order to cope up with such criminals and their evasion techniques, law enforcement needs to become more stringent with better and advanced tools.

Anomaly detection is one such approach that can deter money laundering and other crimes like extortion and tax evasion. It is a common identification process to recognize the fraudulent or criminal behavior as that doesn’t follow the expected patterns. Wynyard Group uses anomaly detection in its Advanced Crime Analytics software that helps in preventing and solving crime.

The software is extremely helpful in preventing money laundering issues. It recognizes anomalous instances and highlights the activities that need attention. The anomaly detection feature brings out the events, behaviors and time periods that do not match with their usual pattern. The software is capable of tracking the fraudulent and preventing the crimes to occur in future.

 

Advertisements

Detect and prevent hate crimes with Wynyard ACA technology

24Nov.jpgWynyard Advanced Crime Analytics (ACA) is a global market leader in fighting serious crimes through its powerful and effective crime data analytics and investigation products. Wynyard ACA solutions not only help in identifying persons of interest but also help in detecting plausibility of crime. It provides for prevention of crimes by correlating dots between the suspects. The time saving technology also helps in identifying relevant evidence in limited time bridging the gap between legal and police system to serve justice..READ MORE

Predictive Analytics in real-time with Wynyard ACA

23NOV

As early as in 2002, the concept of predictive analytics was introduced to the world by Steven Spielberg through his movie Minority Report. Tom Cruise starter movie set in 2054, popularized the technology that could detect and prevent crimes even before they occurred. The technology was rightly shown, only the time frame was not. Nevertheless, we don’t have to wait until 2054 to witness a crime preventing technology…READ MORE

Changing Patterns of Terrorism over the Years

1November

Terrorism is like a chronic disease, whole world is suffering from for decades. It’s been more than 16 years since 9/11. The incident that shook the world and gave rise to a new kind of terrorism. People who have been a witness to that incidence can never forget it. The date has been marked as the black day in the history.

1Nov

Even after so many years of Osama being killed, we still have terrorist attacks in every nook and corner of the world. According to the statistics reported by the National Consortium for the Study of Terrorism and Responses to Terrorism, there have been 11,072 terrorist attacks reported in 2016 worldwide. These attacks resulted in a death toll of 25,621 and left 33,814 injured. Iraq had the highest rate of terrorism in 2016 with 2,965 reported cases, and Afghanistan being the next with 1,340 reported cases.The number of families that were destroyed by these attacks can’t even be counted.

1Nove

The deadliest attack carried out by Taliban at Peshawar army school in 2014 killed 141 people, out of which 132 were innocent children. What was the fault of those kids? That they had parents who were fighting for their country by putting an end to terrorism. Terrorists see no caste, creed or color. They just have hatred inside them. That is the reason terrorism can’t be defined or quantified. With each passing day, terrorist communities are becoming stronger and have access to better equipment & technology.
1Novem.jpg

With the advancement of technology over the years, tools to combat terrorism are available in plenty. However, the intelligence department of various countries are unable to prevent and prepare for acts of terrorism.The recent gun crimes and other major terrorist attacks in Europe and America could have been prevented.

The highly advanced technology of Wynyard ACA software chews every ounce of data in pursuit of suspicious events or communications.The Advanced Crime Analytics software allows the investigators to operate swiftly and run parallel to the criminal. The software is specifically built for the Law Enforcement agencies and can easily be configured to standard processes and workflow. Data can be captured from any source in any format, structured or unstructured and can further be reduced to a workable size via anomaly detection. This allows to uncover the hidden connections.

The software comes with timeline and mapping capabilities to track communications, locations, events or movements of suspected criminals.

Control Money Laundering & Terrorism Financing with Wynyard ACA

As much as there is a need to combat crimes like drug dealing, human trafficking, and gun crime, there is also a need to fight against transnational crimes and money laundering. The fact that transnational crimes can greatly affect the national borders and damage the fundamental values of the international community cannot be ignored.

According to a recent report, the government of Singapore is taking strict measures to stop cross border crime and money laundering by implementing technology and data analytics. Advanced technology involving anomaly detection could be proved beneficial in such instances.

Anomaly detection is the identification of data points, events or observations that are not in parallel with an expected pattern of a dataset. The advanced crime analytics software by Wynyard can be used to identify such anomalous instances, and in turn, highlight activities that require further investigation.

It is important that Government and private sector join hands together in order to dug out all the illegal activities out of the ecosystem. First and the foremost step would be to eradicate terrorism financing. Money laundering crimes would automatically come down with the removal of terrorism financing.

Wynyard ACA uses data analytics to investigate criminal occurrences. The software is enabled with features such as case management system, federal repositories, suspicious activity reporting, and gang intelligence to ensure timely detection of events to prevent them in future by recognizing the pattern.

The software is robust and offers in-built privacy. The visual dashboard allows the users to navigate through graphical data representations of anomalous instances to focus on nodes and edges with higher anomalous scores.

Create a free website or blog at WordPress.com.

Up ↑