TRENDING
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% of
cybercriminals are using PayPal to launder
money. A further 35% 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 concluded: “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.
30
INTELLIGENTCIO
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.” n
“
LAW
ENFORCEMENT
AGENCIES ARE
NOW MONITORING
BITCOIN,
CAUSING MANY
CYBERCRIMINALS
TO LOOK FOR
ALTERNATIVES.
Gregory Webb, CEO of Bromium
www.intelligentcio.com