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November 10, 2011 10:05 pm

How Cell Phone Money Laundering Works


Orome1 writes "In Russia, most cell phone SIM cards are prepaid. One of the major Russian operators offers a legal service that allows anyone to transfer the prepaid amount of money from a SIM card to a bank account, a credit card, another cell phone number (via a text message) or to express money transfer service Unistream. This particular service is heavily misused by cyber crooks who use it to launder money collected through ransomware campaigns, mobile malware and SMS scam campaigns. Kaspersky Lab's Denis Maslennikov takes us though the steps of each of these types of scams and shares insights into the shady economy that has sprung up due to cyber criminals' need to get their hand on the collected money without leaving a direct trail."

Read more of this story at Slashdot.


Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/Onh5TkvJCp0/how-cell-phone-money-laundering-works

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