It’s almost impossible to pinpoint the amount of money that’s laundered globally, but conservative estimates put it at anywhere from $800 million to $2 trillion, according to the United Nations’ Office on Drug and Crimes — and that’s likely just the tip of the iceberg. It’s a crime that, in turn, fuels some of the world’s most heinous criminal activities. It’s also a tactic used by cybercriminals to help try to cover up the profits they’re making from things like wide-scale ransomware attacks. The rise of cryptocurrency also has made it easier for them to evade detection.
Financial institutions, cryptocurrency companies, and other organizations face increasing fines — sometimes ranging in the millions and billions of dollars — for failure to root out money laundering as government agencies and regulators worldwide seek to crack down on this scourge.
Here’s the bad news as we look toward 2023: Automation is going to make the problem worse. We will see the rise of money laundering-as-a-service. But the silver lining is there are ways to stem the tide — and collaboratively reduce bad actors’ ability to do so.
The Crypto-Money Laundering Connection
A preferred tactic by cybercriminal organizations looking to grow their ranks is to use what are known as money mules. These are individuals who are brought in to help launder money — sometimes, unknowingly. They’re often lured in under false pretenses and promises of legitimate jobs, only to discover that “job” is to help launder the profits from
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