Project Details
Description
When cybercriminals make money, they try to reduce the traceability of the funds as much as possible. Money transfer leaves trails, which can be followed by law enforcement agencies to arrest and prosecute cybercriminals. To prevent this from happening, there are specialists on the dark web who offer money-muling services. Money mules
arguably play the most important role in the cybercrime chain. A cybercriminal cannot go to a bank account to cash out the money they have stolen from a victim. It is the money mule who will facilitate the movement of the money from where it is deposited by the hackers to cleansing platforms and then back to the hackers. The cleansing services make the trails leading to the money disappear, or at least difficult to trace. Cryptocurrencies are commonly used, with money mules often converting the stolen money back and forth from one cryptocurrency to another. Money mules may also buy products with the money and resell them in order to obtain clean money that can be given to the cybercriminals. Therefore, it is usually difficult for money stolen by cybercriminals to be recovered. Money mules will be waiting for cybercriminals to give them the go ahead to cleanse the money once it enters bank accounts or Bitcoin addresses.
Total project: $21,532 ($9,650 in-kind).
This research aims to provide a thorough yet simplified explanation of the dark web, the financial crime risks surrounding it, and the global legal response. This project aims to explain all aspects of this area of cybercrime.
The proposed project will clarify what the dark web is, the cyber risks it involves, what impact it may have on the integrity of the financial system in the short and medium terms, and the legal regime to mitigate these risks. The project will focus on the money laundering and terrorist financing risks that the cyber industry will continue to face as technology evolves.
arguably play the most important role in the cybercrime chain. A cybercriminal cannot go to a bank account to cash out the money they have stolen from a victim. It is the money mule who will facilitate the movement of the money from where it is deposited by the hackers to cleansing platforms and then back to the hackers. The cleansing services make the trails leading to the money disappear, or at least difficult to trace. Cryptocurrencies are commonly used, with money mules often converting the stolen money back and forth from one cryptocurrency to another. Money mules may also buy products with the money and resell them in order to obtain clean money that can be given to the cybercriminals. Therefore, it is usually difficult for money stolen by cybercriminals to be recovered. Money mules will be waiting for cybercriminals to give them the go ahead to cleanse the money once it enters bank accounts or Bitcoin addresses.
Total project: $21,532 ($9,650 in-kind).
This research aims to provide a thorough yet simplified explanation of the dark web, the financial crime risks surrounding it, and the global legal response. This project aims to explain all aspects of this area of cybercrime.
The proposed project will clarify what the dark web is, the cyber risks it involves, what impact it may have on the integrity of the financial system in the short and medium terms, and the legal regime to mitigate these risks. The project will focus on the money laundering and terrorist financing risks that the cyber industry will continue to face as technology evolves.
| Status | Finished |
|---|---|
| Effective start/end date | 1/04/22 → 31/12/22 |