Russia’s General Prosecutor Proposes Automated System to Track Crypto Criminals

The alarming rate of cryptocurrency-related crimes will force the Russian Government and its law enforcement agencies to create measures of early detection and prevention of criminal activities.

Igor Krosnov, the prosecutor General of Russia, was the chairman at the Coordination Meeting of the heads of law enforcement agencies of the Russian Federation. The event last week also attracted the presence of members from central offices of federal law enforcement agencies and leaders of interested bodies.

At the meeting, Igor Krasnov awoke the consciousness of all in attendance to the yearly increase of cyber hacks, mainly where the perpetrators utilize the framework of other countries in a bid to hack Russian banks, Government Agencies, and Cooperations.

He stressed that “new technologies are increasingly acting as a means of committing a wide range of crimes, from embezzlement of funds from payment cards to threats to the country’s critical infrastructure and ensuring its security.”

As part of his address to the audience, Igor Krasnov stressed that the issue of crypto-related crimes has become crucial, requiring imminent action. He noted that there is the widespread criminal use of cryptocurrencies in the field of drug trafficking, corruption, financing of organized crime, extremism, and terrorism.

Over the past five years, Krasnov reported that cybercrime in Russia boasts a low detection rate (25%), while in the first half of this year, the negative trend intensified with the number of cybercrime offenses rising by 92%. Cybercriminals continue to develop new styles of data encryption that make their fraudulent activities challenging to trace.

Therefore, the Prosecutor General emphasized that the swift nature of cyberspace crimes will require a real-time technology solution to predict them before they occur, prevent their recurrence, and allow agencies to take legal action against criminals quickly.

He also proposed the “creation of an automated search system that will increase the prevention and suppression of cybercrime” alongside their consolidating with other database systems.

More than once, the Russian government is giving attention to fraudulent activities on cyberspace, including those linked with cryptocurrencies. In November, Coinfomania reported that Russian legislators drafted a new legal structure that will allow security agencies to confiscate cryptocurrencies used for illegal activities.