Counter Measures to Money Laundering
January 30, 2017
Apparently, money laundering has become a very complicated endeavor, with tools like Bitcoin “washers” available via the Dark Web. Other methods include trading money for gaming or other virtual currencies and “carding.” ZDNet discusses law enforcement’s efforts to keep up in, “How Machine Learning Can Stop Terrorists from Money Laundering.”
It will not surprise our readers to learn authorities are turning to machine learning to cope with new money laundering methods. Reporter Charlie Osborne cites the CEO of cybersecurity firm ThetaRay, Mark Gazit, when she writes:
By taking advantage of Big Data, machine learning systems can process and analyze vast streams of information in a fraction of the time it would take human operators. When you have millions of financial transactions taking place every day, ML provides a means for automated pattern detection and potentially a higher chance of discovering suspicious activity and blocking it quickly. Gazit believes that through 2017 and beyond, we will begin to rely more on information and analytics technologies which utilize machine learning to monitor transactions and report crime in real time, which is increasingly important if criminals are going to earn less from fraud, and terrorism groups may also feel the pinch as ML cracks down on money laundering.
Of course, criminals will not stop improving their money-laundering game, and authorities will continue to develop tools to thwart them. Just one facet of the cybersecurity arms race.
Cynthia Murrell, January 30, 2017
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