Cost to Launder Money Through Online Payment Systems

Cyber criminals who collected money from various crimes online use the services of various internet payment systems in order to move their funds. One such payment system, Liberty Reserve, was shut down by security services in the United States in June 2013.

Internet security and cybercrime experts who monitor the black market state that criminals and hackers have a hard time converting web based currencies into cash.  Many brokers offer to exchange money in internet currency accounts to cash for a 9 percent commission.

Cybercriminals in general reported expect to pay up to 40 percent in commission when attempting to launder money from online crimes into legitimate bank accounts.

(Prices and fees of online fraud and hacking services.)

Source:  Paul Ruebens, “Liberty Reserve: Criminals face online cash dilemma,” BBC News, June 4, 2013.