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