The seemingly legitimate online marketplace Huione Guarantee is being used as a platform for laundering money from online scams, especially "pig butchering" investment fraud, researchers say.
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"Greed and Ignorance : They Always Travel Together" Basic Financial Fitness is something I feel is sorely needed but wrestle to figure out how, where and when to deliver it. One possible first step would be establishing some basic online scenario based videos with a small set of quizzes to demonstrate a core understanding of "investments" and "investing" This could be an answer to eliminating the classist and discriminatory definition of an "accredited" investor which is based only on income and networth standards that have NOTHING to do with a persons "fitness" for investing.
This is brutal stuff reminiscent of the boiler room pitch books that did everything to cold call victims from questioning one's love for pizza to masculinity. While there was much debate about TCA 230 this week, how many of these scammers parked their websites and profiles knowing the opaqueness of the confidential shroud it provides. And no, it wasn't discussed in Congressional hearings this week. Someone needs to take on the global tech lobby to impose basic KYC/AML requirements.
DeFi Savings: Pig-Butchering Scam Kits Are for Sale on the Dark Web
techtimes.com
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Defeating Financial Crime with Tech | General Manager | Compliance and Third-party Risk Management Solutions | Moody’s | KYC/KYS | Wharton MBA | Engineer & Global Innovator | Building Safer Financial Systems
Going back to basics is often very useful, even when it comes to widely known concepts in the #Compliance industry. Namely, reviewing a topic from the bottom up can often help bring out more details and nuances to the surface, providing a deeper understanding of it in general. We recently produced an excellent introduction to #AML and #MoneyLaundering as a whole, covering all the essentials – from breaking down the money laundering process to the role of contemporary technology in illicit activities and the best practices for their prevention. https://lnkd.in/eXkVa5rR
Money laundering 101: How criminals launder money
moodys.com
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This is a shocking revelation. The sheer scale of this operation is mind-boggling. It's imperative that governments, law enforcement, and tech companies collaborate to dismantle these criminal networks. We need to protect victims and hold perpetrators accountable. #cybercrime #scams #humanrights #lawenforcement
Crypto-tracing firm Elliptic found a Cambodian online market called Huione Guarantee offering every product and service for the online financial scam industry: Money laundering, victim data, deepfake software, electrified shackles and batons for slave labor. It's done $11B in transactions in three years and is linked to the country's ruling Hun family. That’s the tragic scale of the scam ecosystem today. https://lnkd.in/gabZN6D7
The $11 Billion Marketplace Enabling the Crypto Scam Economy
wired.com
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Inside a $30 Million Cash-for-Bitcoin Laundering Ring In New York: 404 Media (working with Court Watch) reports on a $30 Million cash-for-Bitcoin laundering ring operating in the heart of New York For years, a gang operating in New York allegedly offered a cash-for-Bitcoin service that generated at least $30 million, with men standing on street corners with plastic shopping bags full of money, drive-by pickups, and hundreds of thousands of dollars laid out on tables, according to court records. The records provide rare insight into an often unseen part of the criminal underworld: how hackers and drug traffickers convert their Bitcoin into cash outside of the online Bitcoin exchanges that ordinary people use. Rather than turning to sites like Coinbase, which often collaborate with and provide records to law enforcement if required, some criminals use underground, in-real-life Bitcoin exchanges like this gang which are allegedly criminal entities in their own right. In a long spanning investigation by the FBI involving a confidential source and undercover agents, one member of the crew said "that at least some of his clients made money by selling drugs, that his wealthiest clients were hackers, and that he had made approximately $30 million over the prior three years through the exchange of cash for virtual currency," the court records read. Thanks to user Slash_Account_Dot for sharing the news. Read more of this story at Slashdot.
Inside a $30 Million Cash-for-Bitcoin Laundering Ring In New York
yro.slashdot.org
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Inside a $30 Million Cash-for-Bitcoin Laundering Ring In New York: 404 Media (working with Court Watch) reports on a $30 Million cash-for-Bitcoin laundering ring operating in the heart of New York For years, a gang operating in New York allegedly offered a cash-for-Bitcoin service that generated at least $30 million, with men standing on street corners with plastic shopping bags full of money, drive-by pickups, and hundreds of thousands of dollars laid out on tables, according to court records. The records provide rare insight into an often unseen part of the criminal underworld: how hackers and drug traffickers convert their Bitcoin into cash outside of the online Bitcoin exchanges that ordinary people use. Rather than turning to sites like Coinbase, which often collaborate with and provide records to law enforcement if required, some criminals use underground, in-real-life Bitcoin exchanges like this gang which are allegedly criminal entities in their own right. In a long spanning investigation by the FBI involving a confidential source and undercover agents, one member of the crew said "that at least some of his clients made money by selling drugs, that his wealthiest clients were hackers, and that he had made approximately $30 million over the prior three years through the exchange of cash for virtual currency," the court records read. Thanks to user Slash_Account_Dot for sharing the news. Read more of this story at Slashdot.
Inside a $30 Million Cash-for-Bitcoin Laundering Ring In New York
yro.slashdot.org
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If you want to understand why so many attorneys are deeply concerned about the recent Supreme Court decisions which granted nontrivial partial immunity to the president, undermined the ability of federal agencies to implement and enforce the laws passed by Congress, and legalized bribery… take a look at this article.
Crypto-tracing firm Elliptic found a Cambodian online market called Huione Guarantee offering every product and service for the online financial scam industry: Money laundering, victim data, deepfake software, electrified shackles and batons for slave labor. It's done $11B in transactions in three years and is linked to the country's ruling Hun family. That’s the tragic scale of the scam ecosystem today. https://lnkd.in/gabZN6D7
The $11 Billion Marketplace Enabling the Crypto Scam Economy
wired.com
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Cybersecurity Manager | Information Security Leader | Problem Solver | Collaborator | Data Protection | Data Classification | DLP
What a fascinating and well-researched article! It further illustrates several key points about the current state of #cybercrime. Much of it involves #cryptocurrency and/or gift cards, and it's often perpetrated by large criminal syndicates, sometimes pretty much in plain sight - not even hidden.
Crypto-tracing firm Elliptic found a Cambodian online market called Huione Guarantee offering every product and service for the online financial scam industry: Money laundering, victim data, deepfake software, electrified shackles and batons for slave labor. It's done $11B in transactions in three years and is linked to the country's ruling Hun family. That’s the tragic scale of the scam ecosystem today. https://lnkd.in/gabZN6D7
The $11 Billion Marketplace Enabling the Crypto Scam Economy
wired.com
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Anti Financial Crime and ESG compliance expert - Head of Compliance Solutions DACH, Benelux, & CEE at Moody's
#MoneyLaundering is one of the most common and widely spread types of #FinancialCrime. And yet to members of the public, it can be confusing as to how money laundering actually works. The simplest way of explaining this concept is by breaking it down to three stages, as has been done to excellent effect in this Moody's Analytics infographic. 1. Placement – where money gained through illicit activity (e.g., #Fraud, drug trafficking, organized crime, etc.) is pumped into the financial system 2. Layering – where criminals cover up the origins of their funds by dragging them through chains of complex transactions 3. Integration – where money is carefully integrated into legitimate sources to make it look “clean” and is then used for investing in real estate, purchasing high-value goods, etc., as it allows for optimal covering up of criminals’ tracks Take a look at the accompanying blog as well – it provides a great introduction. https://lnkd.in/e5Eya4xi
Money laundering 101: How criminals launder money
moodys.com
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Inside a $30 Million Cash-for-Bitcoin Laundering Ring In New York: 404 Media (working with Court Watch) reports on a $30 Million cash-for-Bitcoin laundering ring operating in the heart of New York For years, a gang operating in New York allegedly offered a cash-for-Bitcoin service that generated at least $30 million, with men standing on street corners with plastic shopping bags full of money, drive-by pickups, and hundreds of thousands of dollars laid out on tables, according to court records. The records provide rare insight into an often unseen part of the criminal underworld: how hackers and drug traffickers convert their Bitcoin into cash outside of the online Bitcoin exchanges that ordinary people use. Rather than turning to sites like Coinbase, which often collaborate with and provide records to law enforcement if required, some criminals use underground, in-real-life Bitcoin exchanges like this gang which are allegedly criminal entities in their own right. In a long spanning investigation by the FBI involving a confidential source and undercover agents, one member of the crew said "that at least some of his clients made money by selling drugs, that his wealthiest clients were hackers, and that he had made approximately $30 million over the prior three years through the exchange of cash for virtual currency," the court records read. Thanks to user Slash_Account_Dot for sharing the news. Read more of this story at Slashdot.
Inside a $30 Million Cash-for-Bitcoin Laundering Ring In New York
yro.slashdot.org
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Good read! Is it a trick or a treat? October is #CybersecurityAwarenessMonth and reminder to raise our awareness of how criminals lurking online try to trick people for their own financial gain. Check out these tips to protect yourself from scams. #FidelityAssociate
Identity theft | Scam awareness and protection | Fidelity
fidelity.com
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