A report “Into The Web of Profit: An in-depth study of cybercrime, criminals and money” researched and written by Dr. Mike McGuire, says illicit and illegal online markets are now the most lucrative cybercriminal form of revenue generation, constitution over 50 per cent of total revenues of cybercrime. According to the report, Internet crime economy seems to be booming as cybercrime activities generate at least $1.5 trillion annually as only four percent of the proceeds laundered through cryptocurrencies.
According to the report, illicit and illegal online markets generate an estimated $860 billion annually while theft of trade secrets and other IP generate approximately $500 billion, constituting around 35 per cent of cybercrime revenues.
The report said “evidence suggests that cybercriminals have become increasingly adept at deploying traditional methods of laundering, such as: illicit uses of the legitimate banking system, money mules, shell companies, and wire transfers. Complementing (and sometime used in conjunction with) these are innovative, more digitally-focused methods of laundering, such as the use of online payment systems like PayPal; cryptocurrencies like Bitcoin; or even online gaming currencies. But the use of cryptocurrencies for laundering purposes has quickly acquired a reputation that far.
Source (Leadership, Tuesday, June 11th, 2019.)
Source Link>>> https://leadership.ng/2019/06/07/cybercrime-generates-1-5trn-annually/
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