Up to $200 Billion in Illegal Cybercrime Profits Is Laundered Each Year, Comprehensive Research Study Reveals - Seite 3

Dr. McGuire added, "Gaming currencies and items that can be easily converted and moved across borders offer an attractive prospect to cybercriminals. This trend appears to be particularly prevalent in countries like South Korea and China - with South Korean police arresting a gang transferring $38 million laundered in Korean games, back to China. The advice on how to do this is readily available online and explains how cybercriminals can launder proceeds through both in-game currencies and goods."

Digital payment systems are used to help hide the money trail

Covert data collection in online forums and interviews with experts and cybercriminals indicate that an estimated 10 percent of cybercriminals are using PayPal to launder money. A further 35 percent use other digital payment systems, including Skrill, Dwoll, Zoom, and mobile payment systems like M-Pesa.

Methods like 'micro laundering', where thousands of small electronic payments are made through platforms like PayPal, are increasingly common and more difficult to detect. Another common technique is to use online transactions - via sites like eBay - to facilitate the laundering.

Dr. McGuire concludes, "The growing use of digital payment systems by cybercriminals is creating significant problems for the global financial system. Revenues that previously would have flowed within proven and well-established banking systems and could be traced are now outside of its jurisdiction. Digital payment systems are most effective when combined with other digital resources, like virtual currencies and online banking. This hides the money trail and confuses law enforcement and financial regulators."

Further findings will be released during the RSA Conference in San Francisco. Dr. McGuire will present the full findings during his speaker speaking slot on April 20^th from 09:00-09:45 AM on the Security Mashup track - code MASH-F01.

Methodology

Into the Web of Profit is a nine-month academic study by Dr. Mike McGuire, Senior Lecturer in Criminology at Surrey University. It draws from first hand interviews with convicted cybercriminals, data from international law enforcement agencies, financial institutions, and covert observations conducted across the Dark Web.

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