Ripple reveals a new way to report XRP fraud

Fraud remains as strong as ever in the crypto space, as fraudsters continue to work tirelessly towards tricking people out of their money. Of course, such efforts are very much present outside of the crypto space, as well. However, since it is unregulated, the crypto industry was in need of a way of reporting fraud. While reporting it across the crypto space still requires a solution, there is at least a better way of reporting XRP-related incidents, thanks to Ripple itself. The company created a new page on its website, and it encourages anyone who was tricked by online scammers to report any instance of foul play. With Ripple attempting to become one of the biggest players in global finance, a user-friendly way of reporting scammers and fraudsters is just what the firm needed. The crypto startup has shown the users that it is aware of the issue and that it is doing something about it. Of course, crypto is still crypto, and Ripple uses a decentralized ledger for transactions, meaning that it cannot reverse these fraudulent transactions no matter how quickly users report them. Not to mention that XRP users are not the same as Ripple customers. But, any reports could help identify and stop fraudsters from targeting the victim — and others — in the future.

Ripple needs to establish order and control

Copy link to section Ripple also encouraged users to report financial crimes, such as sanctions violations, money laundering, illegal transactions, and more, which many found interesting. Ripple basically calls on its own community to self-police, which stresses the close connection between XRP use and Ripple. As mentioned, Ripple is quite serious about becoming a major player in global finance, and the firm has admitted a while ago that it has big plans for a major expansion. Its CEO, Brad Garlinghouse, even noted at one point that Ripple plans to explore other services apart from instant international transactions. Of course, to do it, Ripple will need to impress the regulators, politicians, and law enforcement, and to do it better than any other blockchain project. So, adding a better method of detecting and stopping fraud definitely comes as one small step down that road.