TweakTown
Tech content trusted by users in North America and around the world
5,917 Reviews & Articles | 38,119 News Posts

McAfee: Online gambling provides method to commit money laundering

Online gambling websites give criminals the chance to commit money laundering in an effective fashion, as police authorities are slow to respond (NASDAQ:INTC)

| Hacking & Security News | Posted: Apr 27, 2014 6:45 pm

An increase in the popularity of online gambling has created a successful underground market for money laundering, according to a new McAfee study.

 

TweakTown image news/3/7/37343_01_mcafee_online_gambling_provides_method_to_commit_money_laundering.jpg

 

To make matters worse, Internet anonymity and such a wide variety of payment options gives criminals the chance to exchange stolen funds, bitcoins, and currency.

 

"As a result, illegal proceeds can be laundered by wagering them on one end of a transaction and receiving the payouts as gambling wins on the other end," according to the McAfee report. "Gambling wins can also be exchanged as payment for illegal goods or services changing hands elsewhere."

 

Many American Internet users interested in online gambling tend to spend money in European casinos, though credit card companies have tried to clamp down on this behavior. The sheer number of police authorities trying to monitor 2,734 Internet gambling websites - with more than 25,000 unregulated gambling sites online - there are multiple layers of national and international bureaucracy to work through.

NEWS SOURCES
Mcafee.com, I.huffpost.com

Related Tags

Further Reading: Read and find more Hacking & Security news at our Hacking & Security news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

TweakTown Web Poll

Question: Facebook's acquisition of Oculus VR will...

Improve Oculus Rift Development

Hamper Oculus Rift Development

Completely destroy Oculus Rift Development

Let's wait and see, I'm not sure

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases