Cryptocurrency crimes and scams have caused many governments and organizations to be highly alert to decentralized transactions. Publications have also pointed out how these crimes have been on the rise over the last few months, and it doesn’t look like they’re going to be stopped any time soon.
In order to put an end to such attacks, defense agencies in Austria and France have decided to work together. The NIGMA Conseil and the Austrian Institute of Technology (AIT) will work together to improve the state of blockchain forensics, an essential tool for tracking crypto crimes.
The French blockchain security company will collaborate with Austria’s largest government-owned research and technology organization to counter all types of financial crimes. The two bodies began to collaborate on the enhancement of the AML capabilities of the e-NIGMA platform. The Anti Money Laundering [ AML ] concept has become the number one priority for many crypto companies over the last few months.
Stringent AML rules are required to enhance protection across platforms for all users. The two organizations aimed to develop the ecosystem by building on GraphSense, the open-source cryptocurrency forensics platform of the AIT. The Chief Executive Officer [CEO] of NIGMA Conseil had stated:
“The synergy between a leading European academic research institute and our team of developers has been instrumental in implementing the most innovative tools to fight financial crime in virtual currencies.”
e-NIGMA is expected to change the game in terms of crypto security because of its inbuilt features. It functions as an exhaustive blockchain forensics tool for KYC compliance with the added advantage of acting as a transaction monitor. e-NIGMA will also help businesses in pursuing culprits involved in digital asset fraud.
e-NIGMA’s capabilities include risk scoring, wallet clustering and the ability to download reports on suspicious activities. The system will also allow tailored API integration and a live feed to all the regulations and compliances proposed. The collaboration intends to use all these features to filter nefarious activities on any blockchain.
To improve security, AUT will expand its portfolio of secure connections and data services. Currently, AIT offers advice on physical layer defense, systems engineering, and cybersecurity. Using the technologies provided by both organizations, users will be able to monitor numerous wallet clusters and detect darknet activities.
The developments made AIT also confirms with the Titanium cybersecurity project. Under this, the European Union will watch activities on the darknet and ensure that people are not being cheated of their assets.