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Digital Currencies are Fanning Cyber Crimes

US Special Service Secret Agent has reportedly spoken against Bitcoin and other digital currencies with regards to its use for criminal activities which have increased the cyber crime. This issue was brought up at the 17th annual OpRisk North America conference where the special agent, Tate Jarrow, put across his apprehension that Bitcoins are making cyber crimes easier. As reported by Buy-Side technology, Jarrow did not refrain from articulating his anxiety over digital currencies at the conference.

OpRisk North America 2015

This conference is hosted by Operational Risk & Regulation and is one of the most prominent conferences of the industry that gathers more than 300 senior operational risk regulators and the directors from all over the world. It is also one of the most renowned events of the globe and 2015 is supposedly the best and the biggest so far. The topics of discussion in this conference are matters of cutting edge issues that are covered by world’s leading operational risk professionals. The attendees get an opportunity to learn about the potential risk areas in their respective industry and how they can mitigate it.

The Flip Side of Digital Currencies, as per USSS

Tate Jarrow, special agent of US Secret Service, made a clear assertion that Bitcoins are promoting anonymous transactions of large amount of money which cannot be traced back to the user. He insists that this is the reason why digital currencies are being propagated by parties feverishly because of their vested interests.

Bad past experience with Digital Currencies

Jarrow also brought to attention examples from the past when illicit services were carried out by digital currency. This includes the non-operational payment processor, Liberty Reserve as well as Black Market Silk Road. He also said that these activities were possible due to use of Bitcoins and other such currencies that operate digitally with minimal to no footprints which can be retraced back to the person. A legitimate organization like PayPal cannot enable such tools.

Outside of System use

According to Jarrow, despite all the problems and issues associated with this type of transaction using the digital currencies, they are still in operation and are bring reinforced into the system because of the people who would like to operate from the outside, without any legal implications or hassles that it entails.

Tate Jarrow has been felicitated by Secretary’s Exceptional Service Award for his exemplary leadership skills and service that led to the improvement of US Homeland security in 2014.

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