Ripple is committed to promoting and using the crypto asset XRP but the crypto asset space is plagued by scams, thefts, and fraud. This slows down adoption and negatively affects all parties involved.
Ripple’s efforts against fraudulent activity
As of late, Ripple has become more active in its efforts to clear the space.
In June 2019 it addressed the issue of fake volume reported by exchanges and adjusted its sales according to more reliable data.
In October, Xpring announced the addition of Chainalysis, the blockchain analysis company for exchanges, government agencies, and financial institutions to the XRP ecosystem. It was a few days ago that Chainalysis announced that it had started working with the top 70 XRP exchanges identified and planned to roll out identifications of major XRP scams and hacks in the following weeks.
Introducing the Unusual Activity Report (UAR)
Now, Ripple continues its efforts in clearing the space by introducing the “Unusual Activity Report (UAR)” form on its website. The form was added a few hours ago and was shared by Bank XRP on Twitter.
In the terms and conditions of the report, Ripple underlines that it does not own the XRP Ledger and the users of the XRP Ledger are not customers of Ripple. Therefore, Ripple does not have the power to reverse transactions, even in the case of a reported financial loss (ex: theft).
According to the terms and conditions:
“This form should only be used to report unusual activity, such as: thefts, phishing websites, giveaway scams, unrecognized currencies, unrecognized gateways/exchanges, as well as concerns related to potential sanctions violations, money laundering, unauthorized transactions and/or other financial crimes that you have witnessed on the XRP Ledger.
Information submitted via this form may be used or disclosed by Ripple in connection with evaluating or investigating your report. Additionally, Ripple may provide information from this report to federal, state, local, or international law enforcement or regulatory agencies for possible investigation. By submitting this report, you give us permission to use and disclose this information in these ways. Furthermore, you certify that all information is true and correct to the best of your knowledge.”
After agreeing to the terms and conditions, users can submit the form while including all the necessary information (such as transaction ID) to help with the evaluation and investigation of the report.
Even though we could not find a link on Ripple’s website to lead to the UAR form, the form is operational at the time of writing. After submitting the form, users get the following message:
“Thank you for your submission. We will review the information you have provided and will contact you should we need to request any additional information. If you believe this information must be reported to other parties (ex: XRP Ledger gateway, local law enforcement), we also advise that you contact the parties directly to report activity.
Please note: Reporting this incident to Ripple does not substitute your need to report the matter to your local authorities. If you are based in the U.S., you have the option of independently filing a report through the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3): www.ic3.gov/complaint.”
We expect Ripple to publicly announce this initiative in the near future and give out more information.
With XRP holders under constant attack by scammers, the XRP community has not sat idly by. The xrplorer forensics team has been actively monitoring and fighting fraudulent activity for some time now. We are also aware of other initiatives that are taking place, with the purpose of clearing up social media from scammers, but we will give out more information when and if they materialize.
Ripple taking an active role against fraudulent activity is bound to help reduce the number of scammers flooding social media. It will be interesting to see what actions Ripple will take on these reports and whether it will seek cooperation with other parties like Chainalysis or xrplorer forensics.