A coalition of countries for the formulation of political and economic strategies made up of Germany, Canada, the United States, France, Italy, Japan, the United Kingdom, and a representation of the European Union, warned about the increase in hijacking and the use of cryptocurrencies by responsible hackers.

According to a statement issued by the organization, published on various government portals of the participating countries, the countries expressed their concern about the escalation seen in this type of attack, qualifying them as a threat against the infrastructure of the main economies of the world.

About the situation, the representatives of the nations that make up the group said that this type of attack, although it has been increasing in the last two years, now under these circumstances and these times of the COVID-19 pandemic represents a particularly worrying aspect since the most common targeted by attackers are educational institutions, hospitals, companies, and government entities.

G7 expresses concern over Ransomware attacks

Ransomware-type attacks, or information hijacking, generally work on the filtering of malware on the computers of companies and organizations that handle data with very delicate, vital, and great information of these companies.

This computer program owns and control at ease the files hosted on the affected computers and / or servers, encrypting the information hosted there and leaving a message for the operators in which they request the payment of a ransom so they can restore access to the compromised data, the ramson is usually requested in cryptocurrencies such as Bitcoin (BTC) or Monero (XRM).

Due to the nature of the Ransomware attacks and the targets selected by the attackers, the G7 even warns about terrorist groups and even governments that seek to evade sanctions, ensuring that these crypto funds could be used to finance the latter due to the characteristics of these assets, since they facilitate immediate international transactions without any type of control.

Follow FATF Recommendations

Faced with the dangers associated with the proliferation of these attacks, the G7 issued a call to member countries and other nations to adopt the measures dictated by the Financial Action Task Force (FAFT or GAFI) for the adjustment of regulatory policies applicable to the use of cryptocurrencies.

Originally, the FATF at the end of last year, invited governments, regulatory entities, and interested organizations to present their recommendations. The purpose is to adjust the guidelines applicable to regulations against money laundering and the financing of terrorist acts focused on the management of cryptocurrencies as a vehicle to conduct such practices.

A report presented by the FATF at the beginning of April highlighted that the United States is one of the countries that best conforms to the recommendations established by the organization. Although, it expressed its disagreement with the fact that banking entities are avoiding handling detailed records of all those financial operations and movements for less than USD 3,000 conducted by its residents.

By: Jenson Nuñez.


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