Tag: laundering

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10 most notorious money laundering cases of the 20th century

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Have you heard of these money laundering cases?

Money laundering is the process by which illegally obtained cash is made to appear as if it has been obtained by legal means. The funds are moved into valid accounts or businesses in order to hide or disguise the financial trail that leads back to the criminal activity. In 1996, it was estimated that between 2 and 5 percent of the world’s gross domestic product consisted of laundered money…

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The Growing Threat of “Money Mules”

money mule chart

Don’t you think a lot more people need to be aware of this?

Kevin Poulsen at Threat Level has a great item up about the growing menace of “money mules.” The term refers to bank customers who’ve been conned into unwittingly laundering cash that hackers have stolen from business bank accounts. The con and the funny phrase have been around for a while, but the US Federal Deposit Insurance Corporation issued a new warning to American financial institutions about the increasing spread on Thursday. Snip:

Using specialized Trojan horse malware, cybercrooks have been intercepting web-banking credentials from the computers of small and midsize businesses, and then initiating wire transfers to mules around the country. The mules are consumers who’ve been lured into fake work-at-home scams, in which their employment involves receiving money transfers and then forwarding the funds to Eastern Europe, either directly or through other mules.

The scheme has exploded in the last year…

Continue reading… “The Growing Threat of “Money Mules””