IIT-Kanpur designs indigenous tool to help UP Police crackdown on cryptocurrency frauds
The Uttar Pradesh Police is all set to initiate a crackdown on frauds through cryptocurrency transactions with the assistance of an indigenously designed tool by IIT-Kanpur. A statement of unique innovation and incubation, this equipment known as HOP, has been designed by the IIT to analysed cryto transactions.
Claimed to be cheaper than any foreign tool of similar calibre, HOP will be effectively deployed by the UP Police in cases of crypto frauds by September.
While cryptocurrency is a gaining immense popularity and fascination across the globe, the market has several red flags in relation with fraud transactions. As per reports, cases related to similar cons have spurted significantly in recent years. To put things into perspective, an internet usage report suggests that over 9.6 million Indians visited crypto scam websites, in just the last year.
To prepare and counter this extensively rising menace and crime rate, cybercrime awareness programmes and capacity-building for police departments is the need of the hour, ADG, Cybercrime, Subhash Chandra, insisted. "We have taken action against 37,000 accounts, banks and cards, and also recovered ₹9.5 crore in a year," said Chandra.
SP, Cybercrime, Triveni Singh said that this specific programme is an initiative of MHA and Uttar Pradesh Police, and notably, the first such event to spread cyber safety awareness and capacity-building for police departments. He said that basic skills and methodologies are required for investigation of VOIP-based calls that have become common in extortion cases.