New XRP Fraud Reporting Procedure Officially Launched By Ripple

The company has produced a page on its website where XRP users can report foul-play. This move shows the growing attempts by Ripple to establish itself as a key player in global finance. Ripple officially launched a new XRP fraud reporting procedure so let’s find more about it in the following ripple news below.

The reporting website gives consumers the opportunity to inform the firm about certain fraudulent behavior involving the XRP token. This fraudulent behavior can include theft, scams or unauthorized gateways/exchanges.

The site makes clear the situation that Ripple cannot reverse these transactions, because of the decentralized XRP ledger. Plus, XRP users are not Ripple customers. Therefore, an “unusual activity report” can be useful in aiding the identifying efforts and stopping the fraud, but it does not mean compensating victims. It is interesting to note that Ripple encourages users to report “potential sanctions violations, money laundering, unauthorized transactions and/or other financial crime.” Said differently, it calls on the Ripple community to self-police, and notify the firm about possible illegal activity. This fact emphasizes the knit relation between Ripple and XRP use, and the firm’s strong intent to fight any foul play with the asset.

This move is the newest in a continuum by Ripple in its cause of developing itself as a key player in global finance.
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The firm has declared for a long time that it has great plans for expansion. The CEO of Ripple, Brad Garlinghouse recently compared the firm to Amazon and said that in going forward the company will explore other services alongside cross-border fiat transfers.

To succeed in its goals Ripple must acquire cooperation from regulators, politicians, and law enforcement on a magnitude that is unprecedented in the blockchain sphere. Having this in perspective, opening up a tool for fraud reporting and displaying a firm willingness to battle crime, is a smart move. It is important, that Ripple did not draw the ire of the leaders, the leaders that must influence in a positive way. For example, we have Libra, the cryptocurrency of Facebook, that was met with huge wrath by the politicians around the globe, while Ripple managed to escape this besides its overall disruptiveness.