• J5 publishes NFTs red Flags Document.
• It addresses citizens, law enforcement officials, banks.
• Red flags contains the most effective practices for dealing with fraud.

Joint Chiefs of Global Tax Enforcement (J5) released its NFTs red Flags document. This was to inform citizens, banks and law enforcement about common red flags in dealing with NFTs.

The “J5 NFT Marketplace Red Flag Indicators” was made to list elements that should draw concern while dealing with NFTs. As the official report stated, the document isn’t meant to include all the risks associated with NFTs but rather a list of the best practices from the five countries in the J5, which are Australia, the Netherlands, Canada, The UK, and The US, from their dealings with NFTs in various investigations.

According to the official report, while cryptocurrency and NFTs are being dealt with responsibly by people, criminals are still looking to take advantage of these technologies.

Oleg Pobereyko (special agent), is J5 Crypto Group leader.

This space is changing so fast and technologies and products have the ability to become the ‘next big thing’ without any due diligence or regulation on the part of the creator of the product. Our goal was to create a product which would keep users safe, while the law enforcement addresses these concerns.

This document has the main goal of providing better insight to banks and law enforcement partners as well as private industry about potential red flags within NFT Marketplaces. J5 continues to strive to improve fraud detection methods in order to stop criminal activity.

“I hope this is the first of several of these intelligence bulletins the J5 puts out,” said Chief Jim Lee of the IRS Criminal Investigation, in support of the J5 new release.

Continue reading on CoinQuora