Cryptocurrencies as a Subject of Financial Fraud

• Autorzy: Małgorzata Kutera
• Języki publikacji: EN

Abstrakty

EN

PURPOSE: The main purpose of this paper was to identify the current scope of research on cryptocurrencies as a subject of fraud. Detailed research questions related to the determination of contemporary trends of the conducted research and the definition of potential opportunities for further investigation of this topic. One of the questions also concerned identifying the most common crimes committed using cryptocurrencies. METHODOLOGY: The study is based on a systematic literature review (SLR) of 57 publications available on the Scopus database. A bibliometric and descriptive analysis of selected literature items was carried out. Then, vital thematic clusters were separated, and an in-depth content analysis was performed. FINDINGS: The detailed bibliometric and descriptive analysis showed that cryptocurrencies as a subject of financial fraud are generally a new area of scientific research, although it is developing quite intensively. The relatively small number of publications, compared to other similar areas, also indicates that this topic has not yet been explored widely by scientists, and many different research trends can be created in it. Ultimately, the following key research areas were identified: types of cryptocurrency fraud, crime detection methods, risks related to blockchain technology, money laundering, and legal regulations regarding cryptocurrencies. It was also possible to identify that money laundering is currently the most common fraud. However, it has been pointed out that the second most frequent fraud is financial pyramids based on the Ponzi scheme. IMPLICATIONS: The paper clearly presents the main research trends on using cryptocurrencies in criminal activities. At the same time, it was emphasized that, compared to other research areas, this topic is relatively new. Therefore, there is a wide possibility of exploring not only existing but also undiscovered research trends. In addition, key types of fraud in economic practice have been identified, which is particularly important for financial market participants. It was clearly indicated which transactions bear the highest risk. It is also worth paying attention to the critical timeliness of the topic, as the scale of crimes involving cryptocurrencies has recently been growing rapidly. The study confirms the insufficient scope of legal regulations, which are not able to strengthen the security of economic transactions adequately. Therefore, it can be a clear indication for the governments of individual countries or international institutions for further efficient changes to the law. ORIGINALITY AND VALUE: The contribution of this study is threefold. It is one of the first research papers showing the results of a systematic literature review (SLR) combined with a bibliographic and in-depth analysis of the content of publications in this field. During the work, the VOSviewer software was also used, which enabled objective identification of the main thematic clusters based on the occurrences and link strength of keywords included in the publications. Secondly, the key types of fraud have been identified that, at the same time, cause the most significant financial loss. This allowed for the establishing of directions for further research, which have profound practical implications for market participants. Some of them relate to the need to develop and implement modern computer applications, allowing for the detection of a wider range of emerging abuses. (original abstract)

CEL: Celem głównym niniejszego opracowania jest identyfikacja aktualnego zakresu badań dotyczących kryptowalut jako przedmiotu nadużyć finansowych. Szczegółowe pytania badawcze odnosiły się do prezentacji najważniejszych kierunków tematycznych prowadzonych badań oraz zdefiniowania potencjalnych możliwości dalszej analizy tego tematu. Jedno z pytań wiązało się również z identyfikacją najbardziej popularnych oszustw przeprowadzanych z użyciem kryptowalut. METODYKA: Artykuł opiera się na systematycznym przeglądzie literatury (SLR) przeprowadzonym dla 57 publikacji dostępnych w bazie Scopus. Dokonano bibliometrycznej oraz opisowej analizy wybranych pozycji literatury przedmiotu. Następnie wydzielono główne klastry tematyczne i dokonano pogłębionej analizy ich treści. WYNIKI: Szczegółowa analiza bibliometryczna i opisowa pokazała, że tematyka kryptowalut jako przedmiotu nadużyć finansowych jest generalnie nowym obszarem badań naukowych, choć rozwija się dość intensywnie. Relatywnie mała liczba publikacji w porównaniu z innymi podobnymi obszarami pokazuje również, że ten temat nie jest jeszcze tak mocno eksplorowany przez naukowców i można w nim rozwijać wiele różnych trendów badawczych. Ostatecznie zidentyfikowano następujące kluczowe obszary badawcze: rodzaje oszustw kryptowalutowych, metody wykrywania nadużyć, ryzyka związane z technologią blockchain, pranie brudnych pieniędzy oraz regulacje prawne dotyczące kryptowalut. Udało się również ustalić, że obecnie najczęściej występującym przestępstwem jest pranie pieniędzy. Zwrócono jednak uwagę, że drugim dość częstym oszustwem są piramidy finansowe oparte na schemacie Ponziego. IMPLIKACJE: W artykule wyraźnie przedstawiono główne trendy badawcze dotyczące wykorzystania kryptowalut w działalności przestępczej. Jednocześnie podkreślono, że w porównaniu do innych obszarów badawczych niniejsza tematyka jest stosunkowo nowa. Powstaje zatem szeroka możliwość eksploracji nie tylko istniejących, ale również nie odkyrtych do tej pory nurtów badawczych. Ponadto zidentyfikowano kluczowe rodzaje oszustw w praktyce gospodarczej, co jest szczególnie istotne dla uczestników rynków finansowych. Wyraźnie wskazano bowiem, które transakcje są obarczone największym ryzykiem. Warto również zwrócić uwagę na istotną aktualność tematu, gdyż skala przestępczości z udziałem kryptowalut ostatnio gwałtownie rośnie. Opracowanie potwierdza niedostateczny zakres regulacji prawnych, które nie są w stanie odpowiednio wzmocnić bezpeczeństwa obrotu gospodarczego. Może być zatem jasnym wskazaniem dla rządów poszczególnych państw, czy też instytucji międzynarodowych do dalszych sprawnych zmian przepisów prawa. ORYGINALNOŚĆ I WARTOŚĆ: Naukowy wkład niniejszego opracowania jest potrójny. Po pierwsze, jest to jeden z pierwszych artykułów badawczych prezentujący wyniki systematycznego przeglądu literatury (SLR) połączonego z analizą bibliograficzną oraz pogłębioną analizą treści publikacji. Podczas pracy zastosowano również oprogramowanie VOSviewer, które umożliwiło obiektywną identyfikację głównych klastrów tematycznych opartą na occurrences and link strength of keywords ujętych w publikacjach. Po drugie, zidentyfikowano kluczowe rodzaje oszustw, które jednocześnie powodują największe straty finansowe. Wyznaczono również kierunki dalszych badań, które mają głębokie praktyczne implikacje dla uczestników rynku. Niektóre z nich dotyczą bowiem konieczności opracowywania i wdrażania nowoczesnych aplikacji komputerowych, pozwalajacych na wykrywanie szerszego zakresu pojawiających się nadużyć. (abstrakt oryginalny)

Słowa kluczowe

EN

Cryptocurrencies; Bitcoin; Blockchain technology; Financial fraud; Economic crimes; Money laundering; Financial pyramid; Systematic literature review

PL

Kryptowaluty; Bitcoin; Technologia blockchain; Oszustwa finansowe; Przestępstwa gospodarcze; Pranie brudnych pieniędzy; Piramida finansowa; Systematyczny przegląd literatury

• Czasopismo: Journal of Entrepreneurship, Management and Innovation (JEMI)
• Rocznik: 2022
• Tom: 18
• Numer: nr 4 Financial Ecologies Framed by Fintech
• Strony: 45--77

Twórcy

autor

Małgorzata Kutera

• Jagiellonian University, Cracow, Poland

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DOI

https://doi.org/10.7341/20221842