Coinfirm along with the Nigerian based KAD ICT Hub and Africa Blockchain Lab launched a dedicated subnetwork of the AMLT Network along with an educational project in which potentially thousands of Nigerians will be trained on how to find, report, and be rewarded for submitting data on cryptocurrency related scams and fraud.
Due to the exploding growth of the cryptocurrency market and the unique nature of cryptocurrency transactions, fraudsters have a new set of sophisticated methods to target a new set of assets and victims. This is especially true as new and inexperienced individuals susceptible to such crime enter the cryptoeconomy. Such activity will be growing along with the growth of cryptocurrencies and especially in countries facing economic problems such as South Africa, and the number of others African states.
In order to prevent the aforementioned threat, Coinfirm together with the KAD ICT Hub is implementing their AMLT Network into the Africa Blockchain Lab to launch a dedicated network whose members will help in creating a safer cryptocurrency economy while being rewarded for doing so with AMLT tokens. The first stage of the AMLT Network Launch is a series of trainings conducted in Kaduna, Nigeria, in which over the next 12 months there will be at least 12 training sessions for people of various levels of advancement.
AMLT also allows users to submit positive data on trusted parties and help further bring a wider range of financial access to entities who might not have been able to before due to their presence in what are deemed high risk areas. With a more effective and transparent AML system using Coinfirm and the AMLT Network it will allow more individuals in what are deemed high risk areas to participate in the global financial system as it will be able to discriminate based off actions of the individual entity and not just regional risk.
Our goal is to increase awareness of not only the threats, but also the way these threats can be eliminated. For this purpose, we create an AMLT Network, we teach how to report frauds through it and, above all, how to recognize them – said Paweł Kuskowski, Co-founder and CEO of Coinfirm.
On his part the Co-Founder and CEO of the KAD ICT Hub Yusuf Bashir said “We will change the narrative from the negative perception of Africa being a hub for online fraud to a positive one with Africa taking the lead in fighting online fraud therefore helping to build a safer cryptoeconomy”
How AMLT Network works
The fuel incentivizing and operating the engine of the AMLT Network are AMLT tokens. AMLT allows both companies and individuals to report suspicious actions like ransomware, phishing or cryptojacking. If delivered data is verified as legitimate the wallets related to the actions are appropriately flagged to warn other users of the risk (through Coinfirm AML reports). Network Members that submitted legitimate data after analysis are rewarded with AMLT tokens, that can be used to purchase discounted AML risk reports and other solutions via Coinfirm.
Such reports contain over 200 risk indicators along with Coinfirm’s “C Score”, reflecting financial risk, calculated on the basis of proprietary algorithms and risk scenarios. A never-ending model is created, where market participants are motivated to report infringements, and in return get the means to generate reports and thus ensure their own security. This way, the security of not only members of the AMLT community, but also the entire global cryptocurrency market increases.