Postal Service Law Enforcement Isn’t Fully Tracking Inspectors’ Use of Cryptocurrencies
The U.S. Postal Service’s law enforcement arm has been using—and confiscating—cryptocurrencies since 2017. But a lack of oversight, training and proper procedures have led to significant policy violations and could lead to serious fraud or waste if left unchecked.
Postal inspectors need access to cryptocurrency in order to delve into the criminal underground, according to a recent review by the agency inspector general. However, these transactions must be tracked closely to prevent waste, fraud or abuse.
“The anonymity of cryptocurrency transactions and the significant fluctuations in the value of cryptocurrency create opportunities for abuse or theft when used during law enforcement activities,” the IG wrote.
To limit the risk of abuse, the agency developed an application to manage inspectors’ cryptocurrency wallets.