New Law Could Prevent Crypto-Currency Fraud

The word “fraud” usually conjures up ideas of identity theft, writing bad checks, or selling a misrepresented item. However the reality is new types of fraud are constantly occurring in inventive ways. One of the most recent types of fraud is crypto-currency fraud; with the increasing interest in crypto-currencies, fraud is rising in this area. A new law aims to prevent crypto-currency fraud in Texas.

House Bill No. 4371 is relatively brief compared to other bills, but it could have huge implications for Texans. The bill, which was recently introduced to the Texas Legislature, would create new regulations for crypto-currency transactions. Specifically, the bill would require the identification of any individuals looking to send crypto-currency payment. This means anyone receiving crypto-currency would be responsible for verifying the identity of the sender.

This requirement might not seem like much, but it’s actually incredibly powerful. Imagine the login credentials for your bank account get stolen and the thief uses it to transfer money out of your account to another account. Sounds like a nightmare, but there are laws and procedures in place to identify, investigate and prosecute this crime. The same cannot currently be said of crypto-currency. Because it’s an extremely young form of currency, lawmakers have yet to catch up with the protections necessary to keep users safe from fraud when using crypto-currency as a payment option.

Getting Help After Fraud

While the new bill could help make crypto-currency safer, the reality is fraud still occurs. Businesses can be particularly susceptible to fraud, which can have monumental consequences. Business fraud occurs anytime an individual or company intentionally falsifies records or perpetrates lies with the intent to deceive. What makes fraud particularly devastating is the volume of victims involved. While victims of fraud might feel helpless, they can seek to protect themselves and pursue justice by filing a lawsuit.

Houston Fraud Attorneys

Many victims of fraud do not come forward because they are embarrassed, but there is no reason to put any blame on yourself. The Houston fraud attorneys at Feldman & Feldman can work with you to investigate the situation and file a lawsuit against the deceptive party to obtain compensation for the money lost and damages caused by the fraud. If you’ve been a victim of fraud, no matter what type, the Houston fraud attorneys at Feldman & Feldman are equipped to investigate your claim and pursue compensation. Contact us today to schedule a consultation.