IIT-K tool to detect fraud in crypto currency transaction

Kanpur, June 9 (IANS): The Indian Institute of Technology, Kanpur (IIT-K), will provide an indigenously designed tool to help the Uttar Pradesh police in detection and cracking of cases of fraud through cryptocurrency transactions.

Professor Sandeep Shukla from IIT-Kanpur, said that the tool developed by IIT, known as HOP, can analyse cryptocurrency transactions.

“The tool is cheaper than any foreign equipment. By September, our tool will be ready to serve the UP police and help in investigations in cases of cryptocurrency fraud,” said Shukla.

ADG, Cybercrime, Subhash Chandra, emphasised on the need for cybercrime awareness programmes and capacity-building for police departments to prepare to counter the menace.

“We have taken action against 37,000 accounts, banks and cards, and also recovered Rs 9.5 crore in a year,” said Chandra.

SP, Cybercrime, Triveni Singh said that the specific programme is an initiative of MHA and Uttar Pradesh Police and 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 prevalent in extortion cases.