AUSTRAC issues two guides for helping businesses spot illicit crypto use
Australian Transaction Reports and Analysis Centre (AUSTRAC), the government financial intelligence agency responsible for monitoring financial transactions to identify criminal activity in Australia, has published two new guidelines intending to help entities spot potential illicit activities.
AUSTRAC targets ransomware activities
The new guidelines by AUSTRAC aim to help entities identify when their customers are using crypto for criminal activities or when they are being pressured to pay for ransomware.As per the announcement by the organization, the growing blockchain technology and crypto acceptance and adoption are running parallel with the increased cybercrime. It highlighted the Australian Cyber Security Centre (ACSC) data, which reveals that around "500 ransomware attacks were reported in the 2020-21, an increase of nearly 15% from the previous year."
The ransomware and "criminal abuse of digital currencies" recommendations are intended not just to help in the identification of bad actors but also to make it easier for businesses to report suspicious behavior to AUSTRAC, which they must do after reporting the incident to the police. The guide further reads:
"Where possible, encourage your customers to report ransomware incidents to the ACSC's ReportCyber service and law enforcement."AUSTRAC identified many indicators in its ransomware guidance that a consumer may be attempting to pay a ransom in a hurry. Impatience with transaction speed, significant transactions from freshly onboarded companies, and transfers of one's entire holdings followed by a lack of account activity were all on the list.
A serious concern
Due to the decentralized nature of cryptocurrencies, ransomware emerging through the sector has been becoming a serious concern among regulatory bodies worldwide. Last year, United States senator Elizabeth Ann Warren introduced a bill to determine crypto's role in such activities. In December last year, the FBI seized nearly $2 million in Bitcoin from a ransomware group, as we reported.Australia has also taken strict measures against the same. In October last year, the Australian legislation confirmed its plans to take serious actions against ransomware by increasing the penalties for wrongdoers. Authorities now have the right to freeze financial crypto transactions linked to crimes through new structures and amendments, regardless of the crime's origin nation.
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