IJISC
  • Indexed in

  • Latest News

    December 30, 2024
    Volume 13, Issue 2 of the International Journal of Information Security and Cybercrime was published
    July 1, 2024
    Volume 13, Issue 1 of the International Journal of Information Security and Cybercrime was published
    December 27, 2023
    Volume 12, Issue 2 of the International Journal of Information Security and Cybercrime was published
  • --- More News ---
  • Popular Articles

  • Cyber Laundering: Understanding the Trends and Typologies


    Author(s): RAZA, Muhammad Subtain

    Quick view | Full article | Citations | Views: 1,756


    Author(s) keywords: , ,


    Reference keywords: ,


    Abstract:

    The advancement in ICT has revolutionized the products/services of both the financial and non-banking financial businesses. But cyber launderers are also exploiting the virtue of internet by laundering their illicit money. The main goal of this paper is to explain the trends and typologies involved in cyber laundering. It consists of four parts. The first part signifies the importance of ICT and definitions of money laundering & cyber laundering. The second part explains different internet based techniques generally adopted by cyber launderers. It is based on the information available from articles, papers, government reports and other sources. The third part highlights some cybercrime happenings. The last part suggests possible counter measures to combat cyber laundering.



    References:

    [1]. Avira, Phishing Spam and Malware Statistics, 2011, [Online]. Available: http://techblog.avira.com/2011/03/12/phishing-spam-and-malware-statistics-for-february-2011/en/

    [2]. Commtouch Reports, 2015 [Online]. Available:
    http://www.commtouch.com/download/1679

    [3]. ***, Cyber Laundering: The Risks to Online Banking and Ecommerce Companies, 2008.

    [4]. B.J. Koops, R. Leenes, Identity Theft, Identity Fraud and/or Identity-related Crime, 2015, [Online]. Available:
    http://www.fidis.net/fileadmin/fidis/publications/2006/DuD09_2006_553.pdf

    [5]. Facebook Statistics, 2011, [Online]. Available:
    (http://www.facebook.com/press/info.php?statistics

    [6]. FATF Report, Virtual Currencies Key Definitions and Potential AML/CFT Risks, 2014.

    [7]. FATF-GAFI, Money Laundering Using New Payment Methods, 2010.

    [8]. W. Filipkowski, Cyber Laundering: An Analysis of Typology and Techniques, International Journal of Criminal Justice Sciences. Vol. 3 Issue 1 2008 3 (1) pp. 15–27.

    [9]. Money Mule, (2015, March), [Online]. Available:
    http://www.banksafeonline.org.uk/moneymule_explained.html
    [10]. Botnet Operations, (2015, March), [Online]. Available:
    http://www.v3.co.uk/vnunet/news/2144375/botnet-operation-ruled-million

    [11]. M. Jacobson, Terrorist Financing and the Internet, Studies in Conflict & Terrorism, 33:4, 353 – 363, 2013.

    [12]. Journal of Money Laundering Control, 10(2), 140156, 2014.

    [13]. M 86 Security (White Paper), Cybercriminals Target Online Banking Customers, 2010.

    [14]. Microsoft Security Intelligence Report, Volume 9, 2010, [Online]. Available:
    http://www.microsoft.com/security/sir/

    [15]. Money Laundering, International Conference, 2002, [Online]. Available:
    http://www.antimoneylaundering.ukf.net/papers/solicitor.html

    [16]. MONEYVAL, Criminal money flow on internet: methods, trends and multi-stakeholder counteraction, 2012.

    [17]. OECD, Malicious Software (Malware) – A security threat to the Internet Economy, 2007, [Online]. Available: http://www.oecd.org/dataoecd/53/34/40724457.pdf

    [18]. R. McCusker, Underground Banking: Legitimate Remittance Network or Money Laundering System?, Crime And Justice International 21(89), 4, 2005.

    [19]. Solicitor General Canada, Electronic Money Laundering: An Environmental Scan, 2008.

    [20]. Sophos Security Threat Report 2010, [Online]. Available:
    http://www.sophos.com/security/topic/security-report-2010.html

    [21]. Security Trends, 2015, [Online]. Available:
    http://www.sonicwall.com/downloads/SB_Security_Trends_US.pdf

    [22]. S.J. Weaver, Modern Day Money Laundering: Does the Solution Exist in An Expansive System of Monitoring & Record Keeping Regulations?, 24 Ann. Rev. Banking & Fin. L., pp. 443-444, 2005.

    [23]. V.M. Leong, Chasing dirty money: domestic and international measures against money laundering, 2007.



    Additional Information

    Article Title: Cyber Laundering: Understanding the Trends and Typologies
    Author(s): RAZA, Muhammad Subtain
    Date of Publication: 2015-12-29
    Publication: International Journal of Information Security and Cybercrime
    ISSN: 2285-9225 e-ISSN: 2286-0096
    Digital Object Identifier: 10.19107/IJISC.2015.02.08
    Issue: Volume 4, Issue 2, Year 2015
    Section: Cyber-Attacks Evolution and Cybercrime Trends
    Page Range: 86-90 (5 pages)



    Copyright ©2012-2025
    The International Journal of Information Security and Cybercrime (IJISC)

    All rights reserved
    The International Journal of Information Security and Cybercrime is a trademark of the Romanian Association for Information Security Assurance (RAISA).
    No part of this publication may be reproduced, stored in a retrieval system, photocopied, recorded or archived, without the written permission from RAISA. When authors submit their papers for publication, they agree that the copyright for their article be transferred to the Romanian Association for Information Security Assurance, if the articles are accepted for publication. The copyright covers the exclusive rights to reproduce and distribute the article, including reprints and translations.