Money laundering has taken over online games



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Money laundering has taken over online games

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It avoids law enforcement because it is about moving small amounts of money through a large number of transactions, often outside any geographical boundaries. The gaming industry will be forced to change due to the money invasion.

Counter-Strike: Global offensive players will no longer be able to trade container keys – the trade has been banned for participating in a large global cash fraud network, developer Valve announced after making the change on October 28. The event is unpleasant, but it is a sign of a much bigger problem: money laundering organizations have taken over the world of online gaming.

“Recently, global fraud networks have focused on using CS: GO keys to eradicate profits. Currently, almost all key purchases that are eventually traded or marketed are considered fraud,” Valve said in a statement on changes to the terms of the game.

“In the past, most of the key transactions we observed took place between legitimate customers,” the developer said in a statement. “However, recently, global money laundering networks have switched to using CS: GO to liquidate their earnings. At this point, almost all key purchases that are eventually traded or sold are considered fraudulent.”

Micro money laundering

In recent years, the size and scope of the online marketplace has dramatically changed the way we do business in the world. There are now many ways that money changes owners.

This allows fraudsters to come up with new and sophisticated money laundering systems. Micro money laundering is important – it escapes the attention of the law because it involves moving small amounts of money through a large number of transactions, often outside any geographical boundary.

For money laundering, traditional methods no longer seem to be applicable. Financial institutions regulations, anti-money laundering requirements and numerous local and regional regulations make it difficult to move huge amounts of money.

Even online casinos are required to verify the identity of the player and maintain the audit trail that accompanies the source of the betting money. Affiliates’ monitoring obligations make it difficult to launder money through real estate and other sectors backed by money laundering activities.

Finally, the need to “clean up” illegal proceeds and the lack of a way to do so have forced money senders to switch to more discreet approaches that allow for more anonymity – and online games are ideal for this.

There are three basic steps involved in micro money laundering:
make money from sources;
makes it difficult to detect and detect illegal means;
returning the money in a way that seems completely legitimate.
Millions of customers + anonymity

Online games are a global phenomenon. By some estimates, this is a $ 171.7 billion market. Jean-Louis Richet, a cybercrime researcher and expert at Harvard University, recently conducted an in-depth ethnographic study of new forms of money laundering, especially those related to online gaming.

According to Rische, money laundering gravitates to role-playing games – especially massively multiplayer online role-playing games involving millions of players. In his analysis, Richer mentions popular multiple online play roles such as Second Life, World of Warcraft and more.

Managing laundry is simple (but leaves no trace of law enforcement):

Washers buy bonuses (or gold, as players call them) for online games; the purchase is made with the help of prepaid cards or stolen cards;
After the gold was purchased, the brewery set up a “store” to sell the gold. These places have traditionally attracted a large number of players, as gold is often sold at a much reduced price;

As with any transaction on the site, the buyer buys gold and the washer practically launders his illegal money. Neither the buyer nor the seller (money washer) know the identity of the other; in fact, they could live in different and distant parts of the world.

In addition, online games are not regulated, which means that there is no clear expectation of what game operators can or should do to determine criminal activity.

In this way, online role-playing games provide “an easy way for criminals to launder money,” Richet says, quoted by Wired Magazine.

A needle in a haystack

As micro-money laundering becomes more and more regulatory, law enforcement agencies and agencies are forced to look for ways to identify laundering and prevent them from working. Micro laundry, however, is a big challenge – laundry activities are difficult to detect because they are small, and given the large number of transactions, identifying them at any second is like finding a needle in a haystack.

In the coming years, the gaming industry will be forced to change, such as requiring its players to authenticate themselves, and perhaps in some ways even their revenue.

It is imperative that providers of e-commerce, online games, payments and similar activities know how money makers identify and exploit system weaknesses.

Money laundering has taken over online games



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