There have been a lot of fraudulent transactions made using crypto. That is why many countries are monitoring cryptocurrency transactions more closely. South Korea is one of those countries. On July 1st, South Korea’s banks will start monitoring crypto accounts closely.
Shinhan Bank is one of the financial institutions that is putting tighter regulations in place to stop fraud. They also stated that they have hired staff to monitor accounts. They will inspect every transaction that is made. The reason that the bank is taking additional security measures is because they do not want to be accused of fraud.
A spokesperson for Shinhan Bank released a statement about the changes. They stated that it is expensive to hire staff, which is why they plan to shift to artificial intelligence in a few weeks. The spokesperson also stated that they hope that they are able to reduce the number of fraudulent transactions. They also stated that the bank wants to correctly identify fraudulent transactions.
Additionally, the spokesperson stated that they will be able to catch more fraudulent transactions once they start to use machines. A machine can detect fraud more quickly than a human can. They spokesperson also stated that they have a comprehensive plan in place that will eliminate any type of financial fraud.
This type of monitoring is necessary because many people have become victims of fraud due to the criminal actions of people who have sent cryptocurrency. Gerald Cotten is the former CEO of QuadrigaCX. He is deceased. He was caught using business funds to gamble. Monitoring fraud can prevent these types of problems from happening.
Businesses are also responsible for preventing fraud. They will have to be careful about how they monitor their money. They will also have to monitor all of their own accounts for fraudulent transactions.
