How cyber criminals launder their gains

The proceeds of cyber crime make up an estimated eight to 10 percent of total illegal profits laundered globally each year, amounting to an estimated $80-$200 billion. This is among the findings of a new report, commissioned by virtualization-based security company Bromium, into the economics of cyber crime and how criminals launder and 'cash out' the profits of their endeavors. Key findings are that virtual currencies have become the primary tool used by cyber criminals for money laundering. However, they are moving away from Bitcoin to less well-known virtual currencies, like Monero, that provide greater anonymity. In-game purchases and currencies… [Continue Reading]