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11 Crime Sci. 1 (2022)

handle is hein.journals/crimsci11 and id is 1 raw text is: Trozze et a/ Crime Science (2022) 11:1 https://doiorg/i0.1186/s40163-021-00163-8 ii 1 .X.S&~ Cryptocurrencies and future financial crime \< Arianna Trozze Josh KampsS,, Eray Arda Akartuna, Florian i. Hetzel`, Bennett leinbergt Toby Davies2 and Shane D. Johnson Abstract Background: Cryptocurrency fraud has become a growing global concern, with various governments reporting an increase in the frequency of and losses from cryptocurrency scans. Despite incieasing fraudulent activity involving uryptocirrencies, research on the potential of cryptocurrencies for fraud has not been examined in a systematic study. This review examines the current state of knowledge aboit what knds of crytocurrency fraud curren v exist, or are expected to exist in the future, and provides comprehensive definitions of the frauds identified. Methods: The study involved a scoping review of academic research and grey literature on cryptccurrency fraud and a 1. -day expert consensus exercise. The review followed the PRuSMA ScR protocol, with eligibility criteria based on lannuage, publication type, relevance to cryptocurrency fraud, aind evidence provided. Researchers screened 391 aca| demic records, 106 of which went on to the eligibility phase, ard 63 of which were ultimately analysed. We screened 394 grey literature sources, 128 of which passed on to the eligibilty phase and 53 of vvhich were included in our review. The expert consensus exercise was attended by high-profie participants from the private sector, government, and academia. It involved problem plannring and analysis activities and discussion about the future of cryprocurrency crime Results: The academic literature identified 29 differem types of cryptocurrency fraud; the grey i teraturc discussed 2 types, 14 of which were not identified il the academic literature (i.e., 47 unique types in total). Ponzi schemes and ;synonymous) high yield investment prograirnes vvere most discussed across all literature. Participants in the expert consensus exercise ranked pump and-cump schemes and ransomware as the most profitable and feasible threats, though pump-and-dumps er, notal perceived as the least harmful type of fraud, Conclusions: The findings o this scopin review suggest cryptocurrency fraud research is rapidly developing in volume and breadth, though we remain at an early stage of thinking about future problems and scenarios involving Crvptocurrencies. The findings of this work emphasise the need for better collaboration across sectors and consensus on definitions surrounding cryptocuirency fraud to address the problems identified. Keywords: Cryptocurrencies, Fraud, Ponzi Schemes, Bitcoin, Virtual Currency Background Cryptocurrency fraud has become a growing concern worldwide. Between 2017 and 2018, the Australian Com- petition and Consumer Commission (2019) registered a 190% increase in losses for victims of scams involving -cprrspcpence ariantseap@u.'canuS caees centre for Future crrme. Jniversit college Lonrbn 3s Tavistsck Snuar, In-{n w 91-Z, UK ui c of autor nfprmc ian'n s availabe at the end oftheartice cryptocurrencies In 2019, the United Kingdom Financial Conduct Authority issued a warning to the public after cryptocurrency scam reports tripled (Financial Conduct Authority, 20'9). This trajectory of criminals defraud- ing individuals who have purchased or transacted using cryptocurrencies (cryptocurrency 'users') suggests the cryptocurrency space offers yet unexploited opportuni- ties for crime r'h'ui t Ih a Open Access 'las r c r crnt com hs a'bto - t 'n p r a an d -o at t ch v c.rr..n.en'.i ee n a a r en em e 0 ~th -a~il a' .'serv marued 'pp 'hp aritcxv c' an op,~n yaitnddDeI *'E pen d pa 'iaD n r'sag'rdd:: ra nmh ape otedtfade adapp ri'' tC '- s tewse$aeug e I' L.' ,, h.a dar BMC

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