London Police to Tackle Crypto Crime

Police officers in London are now being trained in various cryptocurrencies crimes.

Morgan Shaver
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The City of London Police confirmed plans to introduce cryptocurrency courses as part of their Economic Crime Academy. These courses are being hailed as the “first of their kind” and are intended to not only fight back against issues such as money laundering, but also address citizen’s concerns over cryptocurrency vulnerabilities.

The initial pilot for the course has already been implemented, and another is scheduled to debut this coming August. Once these courses have been completed, the City of London Police intend to take their cryptocurrency training program nationwide later this Fall. Addressing the need for cryptocurrency training, a spokesperson for the City of London Police noted:

“Is is [cryptocurrency training] designed to provide delegates with the skills and knowledge required to recognize and manage cryptocurrencies in an investigation. On successful completion of this course, participants will understand how to detect, seize, and investigate the use of cryptocurrencies in an investigative context. It will be the first of its kind, and has been developed in response to feedback from police officers nationally who felt there wasn’t enough training in the area.”

The cryptocurrency course being taught to London police may be among the first, but it certainly won’t be the last. Especially considering how Europol recently warned that criminals could potentially be laundering as much as £4 billion through Bitcoin and other cryptocurrencies in Europe. Of course, Europe isn’t the only area where cryptocurrency crime has become common.

Based on data from CipherTrace, cryptocurrency theft increased threefold from 2017 into the first half of 2018, becoming one of the fastest-growing forms of crime this year. RadarZero also reported on a story from SatisGroup which found nearly 75% of ICOs to be scams. It’s worth noting that due to the “newness” of cryptocurrency, there are bound to be kinks in the system.

Training, such as the course introduced by the City of London Police, will prove helpful in steering cryptocurrency in the right direction by helping to recognize and stamp out crime. Additionally, there are safety precautions investors can take to avoid becoming a victim of cryptocurrency crime, such as learning how to create a secure cryptocurrency wallet.

What are your thoughts? Are you happy to hear to hear police are beginning to receive training on cryptocurrency crime, or do you think more needs to be done? Let us know your thoughts down in the comments below!