Ransomware victims paid $ 590 million in the first half of 2021 – MeriTalk
The Treasury Department has issued a new report who found that ransomware victims paid $ 590 million in the first six months of 2021, which is higher than the reported value for all of 2020 ($ 416 million).
The report comes from the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which found Bitcoin (BTC) to be the most common ransomware-related payment method.
“This analysis allowed FinCEN to trace the flow of ransomware payments into BTC to identify which CVC [convertible virtual currency] exchanges and services used by ransomware players to launder their revenues, âthe report says.
Between January 1 and June 30, 2021, 458 ransomware transactions and 635 Suspicious Activity Reports (SARs) were reported to FinCEN – “a 30% increase from the total of 487 SARs filed for the whole of l ‘calendar year 2020,’ according to the report.
“Ransomware players are criminals who are activated by loopholes in compliance regimes across the global virtual currency ecosystem,” Deputy Treasury Secretary Wally Adeyemo said in a statement. Press release. âTreasury is helping stop ransomware attacks by preventing criminals from profiting from their crimes, but we need private sector partners to help prevent this illicit activity. “
Along with the report, the Treasury Department’s Office of Foreign Assets Control (OFAC) also released new orientation specific to the virtual currency industry for sanctions compliance best practices.
OFAC recommends that industry participants use geolocation tools, know your customers’ procedures, monitor and investigate transactions, and implement corrective actions as best practices to strengthen internal controls for an effective sanctions compliance program.