Reverse Tactics: Using Crypto Tools to Fight Fraud and Crime
This is the second of two interviews with Fitswemila Stephanie, an anti-corruption analyst and cybercrime and fraud officer for Nigeria’s Economic and Financial Crimes Commission (EFCC).
Fraud and cybercrime are rampant in the crypto market––however, mitigations are implemented to ensure users' safety. Just check our piece from yesterday to see its prevalence in Nigeria alone.
The fundamental backbones of crypto––transparency, decentralization, and immutability––make the work easier.
Despite seeing millions of crypto funds lost through fraud and cybercrime, Fitswemila Stephanie, an anti-corruption analyst and cybercrime and fraud officer for Nigeria’s Economic and Financial Crimes Commission (EFCC), believes things can be reversed. Using tools like pattern recognition, encryption, and others, Stephanie admits that protective strategies can be effective.
“I believe we can help protect and mitigate these growing crimes,” Stephanie said when speaking to Daily Crypto News. She agrees that the fundamental characteristics of blockchain help solve crimes and root out fraud.
Crypto and blockchain encourage decentralization, transparency, and accountability. When transactions are made in blockchain, they are broadcast to the entire blockchain network. Once the transaction is completed, the transaction is added to the blockchain network and distributed to a shared ledger across the network. Therefore, the transaction is not only transparent but also decentralized.
So, how is crypto and its qualities used to fight fraud in its network?
Stephanie explained that they can use the embedded characteristics of crypto to fight the crimes. For example, once transactions are made, concrete evidence is created. This evidence plays a crucial role during investigations. The evidence not only provides a reliable and verifiable piece of information but also ensures the information can be used to create a case.
Blockchain ensures that a transaction cannot be changed once it is recorded. This further prevents fraud in the ecosystem, according to Stephanie. With these tools, immutability and accountability ensure fraud is minimized.
“Encryption and distributed verification have made it difficult for cybercriminals and hackers to play around with transactions,” she said. “Encryption ensures that only individuals with private keys can authorize a transaction.”
Furthermore, transparency is a crucial key in the blockchain network that ensures a visible transaction to all participants in the network. Each transaction provides a digital signature that ensures only the rightful individual can authorize a crypto transfer. Stephanie agreed that this transparency helps in recognizing patterns and retracing steps.
Crypto and blockchain are seen as essential tools that have helped reduce cybercrime not only in Nigeria but also worldwide. Stephanie, a senior analyst in Nigeria, further emphasized that crypto and blockchain crime groups are doing everything possible to fight cybercrime and fraud. The fundamental backbones of crypto––transparency, decentralization, and immutability––make the work easier.
This is the second iteration in our series of interviews with Women in Web3. Please see the first iteration here.
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