Written by
Kanga
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In previous article we learned about mechanisms of money laundering and terrorism financing. Now let’s have a closer look at us, common people, in this procedure.
We watch news about terror attacks or about illicit deals between criminals and politicians. Everything seems so far away. But is it? It appears not. We are closer than we may think and each and every one of us should feel some responsibility on actions we take while investing or just transferring our money into global system.
The message is clear: people are robbed so these funds can be used in illegal actions and terror acts. That’s why we should look at this issue not only from a perspective of safety of our assets, but also from wider perspective, of global safety and order in financial systems. Yes, it is equal to keep our money safe with keeping the whole world safe. Too dramatic? Maybe, but this article is to underline and point little weaknesses that have huge influence on how our world looks like.
Scams and frauds are targeted on banks and institutions, but these have strong security and procedures to keep attacks away. Unfortunately most of people do not follow so strict rules, when we speak about private safety. Furthermore, let’s be honest, people are greedy. They put aside their welfare, when promised with unbelievable profits. They trade their safety against big gains. This is a space for criminals to step in. Youtube and other social platforms are full of „golden deals”.
Does this sounds familiar: „You send us 1 coin we give you 2! Oh, no wait! We give you 6, why not!” It is our responsibility
to logically examine such offers! Just think for a while, where is the deal? Why somebody is giving away money for free?
Is it really free? What are the risks? Some will say it’s not a big risk: to gamble 1 to get 6, but it is not true. By this you support criminal and terrorist activities! You become responsible!
When we think about criminal activities we imagine that all these people are acting willingly and consciously. Money mules that put cash in banks are always associates and work in the network. It isn’t true. Cyber criminals have become more creative with their methods on recruiting money mules. They often trick innocent victims into laundering money on their behalf with the promise of easy money by using seemingly legitimate job adverts and business offers via social media, online posts and direct contact. Many money mule recruitment efforts focus on individuals, especially young adults including those seeking to fund their education or adults recently out of work, who are likely to jump at the chance to apparently easily earn extra cash.
To stay safe we encourage you to think clearly and logically. There are no golden deals, these are scams! Carefully get into cooperation, that promise amazing profits for little amount of work. Talk about it with your friends and family. React when you see that somebody from your surroundings is getting into some unreal deal. Ask questions, challenge and tell them what you already know.
Now you have solid knowledge of money laundering mechanism and how innocent people are engaged in these actions.
In next episode we will explain how blockchain technology can be used in financial crimes and we will challenge opinion
that it is supportive to money laundering schemes.
Learn more about the security rules in this article.
Aleksander Sucharda
for Kanga Exchange