The Rise of Cybercrime
Cybercrime is growing at an alarming rate, with new and advanced methods being employed every day. According to a report released by Risk Based Security, more than 22 billion records were exposed in data breaches in 2020, a 141% increase over 2019. With such vast amounts of data being stolen, one of the biggest challenges for criminals is to convert it into cash. Traditionally, this has been done through the sale of stolen data on the dark web. However, with law enforcement agencies becoming more sophisticated in tackling cybercrime, criminals are now turning to new and innovative methods to cash out stolen data.
The Use of Cryptocurrencies
One of the latest trends in cashing out stolen data is the use of cryptocurrencies. Bitcoin, the most well-known cryptocurrency, has been widely used for illicit activities since its inception, due to its anonymity and decentralized nature. Criminals are now turning to newer cryptocurrencies, like Monero and Zcash, which offer even greater anonymity. These cryptocurrencies can be used to purchase items on the dark web, or exchanged for other currencies.
Cryptocurrencies are becoming an increasingly popular choice for cashing out stolen data. With the use of anonymous wallets and mixing services, it is almost impossible for law enforcement agencies to trace the transactions back to the criminals.
The Emergence of Gift Card Fraud
Another innovation being used to cash out stolen data is gift card fraud. Criminals use stolen credit card information to purchase gift cards, which are then sold on the dark web for quick cash. Gift card fraud has become a major problem, with Microsoft recently reporting that it saw a 20% increase in this type of fraud in 2020.
One of the biggest advantages of gift card fraud is that it is very difficult to trace. Gift cards are typically bought in cash or with prepaid debit cards, which cannot be linked back to the criminals. Also, once the gift card is sold, the cash is essentially untraceable.
The Role of Money Mules
Money mules are individuals who are recruited to move money obtained through illegal means. Criminals use money mules to transfer stolen funds from one account to another, making it more difficult to trace the money back to the source. Money mules may be paid a percentage of the money they transfer, but they often do not realize that they are involved in illegal activities.
Money muling has become a growing problem, with a recent study by the Federal Trade Commission showing a 90% increase in money muling cases between 2016 and 2020. Criminals are using increasingly sophisticated methods to recruit money mules, including social media and fake job advertisements.
The Use of Money Laundering Services
Money laundering services are another new and innovative method being used to cash out stolen data. These services are available on the dark web and offer to “clean” dirty money, making it untraceable. Criminals simply send the stolen funds to the money laundering service, which then transfers the money to other accounts, masking its origin. These services charge a percentage of the amount being laundered, but they offer complete anonymity to the criminals.
Money laundering services are becoming increasingly common, with services offering to launder sums as small as $100. The use of these services makes it almost impossible for law enforcement agencies to track down the criminals.
The Future of Cashing out Stolen Data
The rise of cybercrime has led to new and innovative methods being used to cash out stolen data. Cryptocurrencies, gift card fraud, money mules, and money laundering services are just a few examples of these methods. Cybercriminals will continue to come up with new and advanced cashing-out methods, making it a constant challenge for law enforcement agencies to keep up. It is crucial for businesses and individuals to take necessary precautions, such as upgrading security systems and monitoring accounts for signs of fraudulent activity. As the world becomes increasingly digital, the future of cashing out stolen data looks to be ever more complex. Find extra information about the subject in this suggested external resource. Read this helpful resource, keep learning!
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