The Finvest
  • Finance
  • Markets
  • Personal Finance
  • Retirement
  • Debt
  • Forex
  • Cryptocurrency
What's Hot

CME Bitcoin futures show investors betting on $40K BTC price

November 29, 2023

Stock Market News Today: Markets mixed amid a late-session downdraft (SP500)

November 29, 2023

Pet Care Global Strategic Business Report 2023: Market to

November 29, 2023
Facebook Twitter Instagram
Facebook Twitter Instagram
The Finvest
Subscribe
  • Finance

    Stock Market News Today: Markets mixed amid a late-session downdraft (SP500)

    November 29, 2023

    Dollar weakens as rate cut bets build, but equities mixed

    November 29, 2023

    Corn closes down 7¢ | Monday, November 27, 2023

    November 27, 2023

    BoJ Policy Change Reinforced by Japanese CPI

    November 27, 2023

    Wells Fargo Refuses to Reimburse Customer After $14,000 Exits Account, Immediately Spent on a Mercedes Benz: Report

    November 26, 2023
  • Markets

    Pet Care Global Strategic Business Report 2023: Market to

    November 29, 2023

    Live updates, Fed comments, Australia inflation

    November 29, 2023

    Wall St rises as dovish Fed comments bolster rate cut hopes

    November 28, 2023

    Dow Jones Futures: Fed Chair Powell Speech Looms; Nvidia Rebounds From Buy Point

    November 28, 2023

    Inflation Fears Explain A Seeming Housing Market Mystery

    November 27, 2023
  • Personal Finance

    Charlie Munger, Warren Buffett’s Late No. 2 At Berkshire Hathaway, Tells Heirs To ‘Hold The Goddamn Stock’

    November 29, 2023

    Who will receive $914 from Social Security on December 1?

    November 29, 2023

    Millennial Money: 5 steps to creating financial boundaries during the holidays

    November 28, 2023

    $1,800 Social Security checks: Exact payment dates in December 2023

    November 28, 2023

    How much will the Social Security benefit worth up in 2024? Individual and couple payments

    November 27, 2023
  • Retirement

    Most expensive places to retire in the U.S. based on home prices

    November 29, 2023

    30 Best Places to Retire on $8000 a Month

    November 29, 2023

    401(k) balances are down, while hardship withdrawals are up

    November 28, 2023

    Former St. Louis Police Chief Tim Fitch settles pension case

    November 28, 2023

    Boomer women are mostly ignoring annuities in their retirement planning – is that a mistake?

    November 27, 2023
  • Debt

    State worker joins others in paying off student debt

    November 29, 2023

    Creditor Nations Likely to Agree on Sri Lanka Debt Restructuring

    November 29, 2023

    Disability Claim Delays At Social Security, Soaring Credit

    November 28, 2023

    Amid student debt, how does Florida Bright Futures really help?

    November 28, 2023

    New ECB rating agency Scope puts greater weight on euro zone protection mechanisms | The Mighty 790 KFGO

    November 27, 2023
  • Forex

    Types of Forex Trading Accounts

    November 29, 2023

    Fed’s Goolsbee on monetary policy: Pull out the turkey early for residual heat

    November 29, 2023

    More, not fewer, FX platforms perplexes dealers

    November 28, 2023

    Standard Chartered’s Zodia Markets integrates EUROC stablecoin for FX – Ledger Insights

    November 27, 2023

    Financial Sectors’ Contribution to GDP Shrink 8.94% to N771.06bn on Inflation, FX Crisis

    November 27, 2023
  • Cryptocurrency

    CME Bitcoin futures show investors betting on $40K BTC price

    November 29, 2023

    Bitcoin is just a giant energy-sapping slot machine (Opinion)

    November 29, 2023

    Hong Kong may further empower regulators to tackle cryptocurrency scams, John Lee says, amid fallout from Hounax, JPEX cases

    November 28, 2023

    Bitfarms Ltd. Announces Major Upgrade In Bitcoin Mining Operations

    November 27, 2023

    bne IntelliNews – Kazakhstan introduces digital national currency

    November 27, 2023
The Finvest
Home»Cryptocurrency»Cybersecurity expert backs Sen. Warren’s crypto bill in Senate hearing
Cryptocurrency

Cybersecurity expert backs Sen. Warren’s crypto bill in Senate hearing

finvestadminBy finvestadminNovember 18, 2023No Comments2 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
5527b616-e754-45e2-bab3-676a34f562ca.jpg
Share
Facebook Twitter LinkedIn Pinterest Email

U.S. Sen. Elizabeth Warren highlighted the risks of cryptocurrency scams targeting senior Americans, and cybersecurity experts supported her bill on digital assets to prevent future scams.

in the recent senate hearingWarren outlined a significant increase in cryptocurrency scams targeting seniors in the United States.

“Cryptocurrency investment scams targeting seniors increased by 350% last year. This is the largest jump of any age group. This brings the total losses to cryptocurrency scams by seniors to $1 billion. It reached more than a dollar.”

Meanwhile, during the hearing, Steve Wiseman, a prominent fraud and cybersecurity expert who Warren described, said that unlike credit card fraud, which can be quickly identified, stopped, and tracked, cryptocurrencies have a huge He emphasized that there are challenges.

He reiterated that once cryptocurrencies go through a mixer, they become much harder to track.

“Once you’re in the mixer, you’re in trouble. There may be legitimate privacy concerns that people have, but they don’t extend to scammers.”

Wiseman expressed support for Warren’s Digital Assets Anti-Money Laundering Act, which would ensure that digital assets are subject to the same anti-money laundering (AML) laws as traditional fiat currency.

“Your bill has been long overdue, and rightly so,” Wiseman asserted.

Related: Explanation of identity theft fraud in cryptocurrencies

This follows recent reports showing a significant increase in cryptocurrency hacks and scams in recent quarters compared to the same quarter last year.

Blockchain security company Immunefi reported a 153% spike in attack incidents targeting cryptocurrencies and Web3 projects from July to September 2023 compared to the same period in 2022. The most recent quarter resulted in a loss of approximately $686 million.

Meanwhile, Elizabeth Warren recently revealed that nine more US senators are publicly supporting the Digital Assets Money Laundering Prevention Act.

Notably, Gary Peters, a member of the Senate Homeland Security and Governmental Affairs Committee, and Dick Durbin, chairman of the Senate Judiciary Committee, are among those supporting the initiative.

Magazine: 4 sophisticated crypto scams to watch out for — Dubai OTC trader Amin Rad