Cryptocurrency crime has grown rapidly, with an estimated $20 billion involved in thefts, hacks, and scams in 2022 alone. The pseudonymous nature of cryptocurrencies like Bitcoin allows criminals to operate multiple wallets, making tracking transactions across networks extremely challenging. .
FraudLens provides a comprehensive software platform to support end-to-end investigation of cryptocurrency-related crime.The platform leverages state-of-the-art AI and deep learning algorithms to associate and identify criminal transactions more effectively than existing solutions. It also provides a centralised database for law enforcement to consolidate victim complaints and statements, enabling data mining to identify patterns and guide ongoing investigations.
The key objectives for FraudLens are:
1.Developing an AI-based platform capable of tracing and deanonymising cryptocurrency transactions across complex networks.
2.Creating a centralised database for law enforcement to manage cases, victim complaints, and transaction logs, enabling advanced data mining for crime pattern detection.
3.Automating critical investigative and reporting tasks.
Expected Impact
1.Enhanced Crime Prevention: Enables law enforcement to detect, investigate, and prosecute cryptocurrency-related crimes more effectively.
2.Societal Impact-Improved Financial Security: Helps financial institutions identify and report suspicious transactions, reducing financial losses.
3.Stronger Legal Enforcement: Supports preparation of court-ready evidence, improving prosecution outcomes and public trust in the justice system.
