In “Tech Traps—AML Hacked” (Money Laundering Bulletin, 27 May 2020), Gabriel Hidalgo, managing director at K2 Intelligence FIN, discusses some of the ways hackers can leverage information from IoT devices to conduct illicit activity, including money laundering.
According to Gabe, “IoT devices could be used to acquire confidential data such as audio or video recordings or account information, which can be very valuable in the hands of a criminal looking to further carry out the kind of money laundering or other fraudulent activities we usually see. . . . Stolen data has a value on the illicit data markets where account information, dates of birth, and account login information are bought and sold. As noted, in some cases, low-powered IoT or computing devices are hijacked to mine certain cryptocurrencies that can be used to launder already obtained illicit funds.”
Read more in Money Laundering Bulletin (registration may be required).