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How Cybercriminals Clean Their Dirty Money
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SchemaCzar
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SchemaCzar,
User Rank: Strategist
1/23/2019 | 12:12:54 PM
Lots of dicey brick and mortar operations could be laundering money too
When you drive past a strip mall and see a business with few customers and wonder how it's paying the rent, I think I have an idea.
Alexon Bell
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Alexon Bell,
User Rank: Author
1/23/2019 | 1:12:01 PM
Re: Lots of dicey brick and mortar operations could be laundering money too
Absolutely, real estate is a popular vector for money laundering. If you're interested in an overview of the issue, you can check out my article on it here: https://moneyinc.com/my-neighbor-is-a-shell-company/
RyanSepe
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RyanSepe,
User Rank: Ninja
1/23/2019 | 1:39:47 PM
Re: Lots of dicey brick and mortar operations could be laundering money too
@Alexon, this is very interesting and nicely complements the previous point made by SchemaCzar. This is definitely a very complex problem that has multiple challenges to contemplate.
RyanSepe
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RyanSepe,
User Rank: Ninja
1/23/2019 | 1:37:21 PM
Re: Lots of dicey brick and mortar operations could be laundering money too
I'm always curious on how some smaller shops remain open for as long as they do. I think its probably more common that they are hemorrhaging debt rather than perfoming nefarious acts. Not saying thats never the case, but its surprising how long a company can compound their debt until they are forced out.
RyanSepe
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RyanSepe,
User Rank: Ninja
1/23/2019 | 1:29:41 PM
Solutions in sight?
With new technologies and services being offered every day I can only see that Cisco's prediction will become more and more common as the years progress. Is there anything that can be done to stop the bleeding of money laundering?
Alexon Bell
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Alexon Bell,
User Rank: Author
1/24/2019 | 3:16:38 PM
Re: Solutions in sight?
There's actually a lot that can be done but it requires a coordinated effort between financial institutions, government and law enforcement. AI is helping to present an unprecedented level of context around data points so we're not having to use old methods that rely on triggers criminals are wise to and are already actively avoiding. By combining disparate data sets, we able to uncover the actual networks of money laundering rather than just spotting the odd transaction here and there. More on how we're doing exactly that at Quantexa: https://www.quantexa.com/solutions/anti-money-laundering/
RyanSepe
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RyanSepe,
User Rank: Ninja
1/24/2019 | 5:19:55 PM
Re: Solutions in sight?
Thank you for this information. I look forward to diving into it.
CameronRobertson
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CameronRobertson,
User Rank: Moderator
2/11/2019 | 1:12:16 AM
How are we going to catch them
I reckon that with the whole entire cryptocurrency business, it's gotten a lot harder to detect people who are doing all of these illicit activities. But where there's a will, there's a way, and that's why so many of them are still getting away with millions tucked away in storage somewhere...
MarkSindone
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MarkSindone,
User Rank: Moderator
2/18/2019 | 11:36:10 PM
Increase and improve
They need to be really good at their line of work to clean up the mess that they have created. Should they leave just a single trace of evidence, it would be easy to nail them. As we evolve alongside tech advances, we are able to witness just how upgraded hacking techniques have emerged too. Hence, the level of security that we need to put in place needs to be tightened as well.


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