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TRENDING
STUDY REVEALS UP TO
US$200 BILLION IN ILLEGAL
CYBERCRIME PROFITS
LAUNDERED EACH YEAR
Money laundering is becoming even more common alongside
increasingly popular online payment methods and Dr Mike
McGuire, Senior Lecturer in Criminology at Surrey University,
proposed a report titled Into the Web of Profit which proves we
must take a new approach to cybersecurity.
B
romium, the pioneer and leader
in application isolation using
virtualisation-based security, has
announced the findings of an independent
academic study into the macro economics
of cybercrime and how cybercriminals
launder and ‘cash out’ the profits of criminal
endeavours. The findings are part of a larger
nine-month study titled, Into the Web of
Profit, sponsored by Bromium.
According to the report, cybercriminal
proceeds make up an estimated 8–10%
of total illegal profits laundered globally;
amounting to an estimated US$80 to US$200
billion each year. Other key findings include:
www.intelligentcio.com
• Virtual currencies have become the
primary tool used by cybercriminals for
money laundering
• Cybercriminals are moving away
from Bitcoin to less recognised virtual
currencies, like Monero, that provide
greater anonymity
• In-game purchases and currencies
are spurring a rise in gaming-related
laundering; as China and South
Korea become hotspots for gaming-
currency laundering
• Covert data collection found that
PayPal and other digital payment
systems are employed by cybercriminals
to launder money
“
CYBERCRIMINAL
PROCEEDS MAKE
UP AN ESTIMATED
8–10% OF TOTAL
ILLEGAL PROFITS
LAUNDERED
GLOBALLY.
INTELLIGENTCIO
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