From the Publisher
The AMERO was scheduled to launch by the North America Procurement Council (NAPC) on June 4th but did not due to the discovery on June 1st of serious fraud in vendor registrations and acceptance of AMERO.
Some fraud was expected and was easy to detect merely from the IP address used for the registration. But some was not so easy to detect.
Also discovered was highly sophisticated fraud where fake accounts and/or AMERO acceptance were created using computers inside very large companies to make it appear as though the registration was legitimate from the IP address and email address. This means that the computers and email systems of some of America's largest companies are readily accessible to criminals.
Under normal circumstances, merely calling the person on the registration would be enough to authenticate them, but some of the fraud actually extended to individuals working inside those same large companies.
User authentication is an extreme challenge in an era when the most advanced military grade hacking tools have been leaked from the CIA and NSA, the personal details of virtually every adult American has been stolen and is available for sale on the dark web and companies like Facebook sell in-depth profiles on their users and those user's friends
The widespread usage of untraceable cell phones makes it even harder to know who someone really is.
It is now very easy for criminal elements to obtain more information on someone than the person actually has on themselves or is even aware of.
With the details of one's life and supposedly confidential details such as drivers license numbers, social security numbers and bank accounts readily available to any criminal, it is extremely easy and inexpensive to steal someone's ID. So, how far does the NAPC have to go to really authenticate someone? Obviously much farther than we had been.
We made the assumption that because the AMERO is centrally managed and is unsuitable for criminal activity, criminals wouldn't bother with it. We were wrong, and now we know that there is indeed a highly effective international criminal element that is likely targeting all digital currencies (cryptocurrencies), including those designed specifically to be unsuitable for criminal activity.
The NAPC is implementing extensive new security measures and will be working with the International Digital Monetary Council (IDMC) on best practices to eliminate vendor registration fraud and eliminate the potential for other fraud.
AMERO has been credited to the accounts of the companies who have been authenticated but the AMERO won't be redeemable until most vendors have been authenticated.
It is anticipated that the AMERO system will be fully functional by June 18 with all authenticated vendors able to redeem their AMERO with other authenticated vendors.
Grants will be awarded after the system is fully operational and a sufficient number of vendors have been authenticated.