The new treasury department head has lamented on the surge in cybercrime. She promises to revamp her department to cope with this rise.
Janet Yellen warns public on cybercrime
Janet Yellen, the newly appointed US Treasury, has warned people that cybercrime has become a tool for swindling people of their money. She said the coronavirus pandemic had made the economic situation of the country worse, and now people are using illegal means to make money.
New technologies have assisted many criminals to perpetrate crime online undetected. Mrs. Janet told a treasury committee that though cryptocurrency was a promising technology, it is usually helped by criminals and terrorists to protect stolen funds.
Furthermore, she said she was hopeful because there is new economic technology that could help reduce criminal activities and promote inequality irrespective of status.
'' We live with a rising explosion of risk which consists of fraud, laundering, terrorism financing, and information protection privacy. ''
'' Since the pandemic and work generally has moved online, crime has also followed.''
The US sees more online crimes targeted at various institutions - Yellen
She said the US government encounters more sophisticated online financial crimes targeted at various essential institutions like banks, clinics, and educational institutions. The ex-federal bank chairman also issued a warning on the prevalent dubious use of cryptocurrencies and assets.
'' There are promises in this new technology, but we have to be realistic. This technology can be used to launder money but illegal ammunition and pay for the terrorist act.''
She promised to change the treasury department and make it more technology-oriented to meet world standards. The rise of cryptocurrencies has been praised from most quarters, with Tesla Musk starting his coin. Still, critics have warned that financial technologies without regulation are dangerous and could harm the future economy. Also, it is seen as an essential tool for terrorist enclaves to move money and pay for weapons without detection.