Anti-Money Laundering (AML) , Blockchain & Cryptocurrency , Fraud Management & Cybercrime

Fighting Against Money Laundering Schemes That Involve Monero

How could technology now in development potentially help fight against money laundering schemes that leverage the cryptocurrency Monero, which cybercriminals value for its privacy attributes? David Jevans of CipherTrace describes efforts to earn patents on fraud-fighting tech.

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“The patent applications that we have filed are based around several years of work in the area,” Jevans says. “They look at a lot of different holistic approaches to how you can trace Monero transactions. It's still foundational work; there's still a lot more to be done in the area.”

In a video interview with Information Security Media Group, Jevans discusses:

• The recent patent applications for technology to trace Monero;
• Cryptocurrency money laundering trends for 2020;
• Why he expects governments to designate official digital currencies within 10 years.

Jevans, CEO and a founder of CipherTrace, is a serial entrepreneur in crypto, security and fintech. He previously founded encryption companies Receipt.com and IronKey, and he holds 17 U.S. patents, mainly focusing on cybersecurity and cryptography. He has advised Congress on blockchain security, internet fraud and cybersecurity.