Criminals Use Bitcoin To Commit Tax Refund Fraud
Although the cryptocurrency has been a preferred payment method among Darknet vendors for some time, it looks like things are only getting worse. The dark web remains a premier marketplace for stolen credentials and other information these days. With the 2016 tax season in full effect in the US, scammers are collecting information at every possible turn. With the stolen information, criminals can commit tax refund fraud. Even people who aren’t bothered to steal the information themselves, buying the details from the deep web has become relatively easy these days. It is evident the 2016 US....
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A criminal investigatory unit in the UK is reporting that it has seen an increase in the use of bitcoin by criminals. The UK Serious Fraud Office, an independent agency within the UK government, disclosed the stance in new comments addressing whether it believes bitcoin is "being used" in criminal activity. The remarks, published yesterday, represent what appear to be the SFO’s first public statements on bitcoin. While the agency denied that it had undertaken any specific studies on the technology, the SFO said that it would consider such investigations given its mandate to look....
Hardly any bank requires users to enter their card pin or any other form of secure authentication to process withdrawals. Bank ATMs have been attracting criminals from all over the world. Emptying these machines can be done in various ways, although careless fraud is becoming more prevalent. Cardless ATM transactions are the prime reason why criminals have a much easier time as of late. Once criminals obtain stolen bank account usernames and passwords, converting it into cash is just a few steps away. What makes fraudulent cardless ATM withdrawals so annoying is how affected customers are....
Here’s a newsflash: Bitcoin has an image problem. If you ask the average person what words come to mind when they think of bitcoin, three of the most common responses will likely be "anonymous", "untraceable" and "a currency for criminals." But all of these common ideas about bitcoin are actually misconceptions. In fact, every single one of them is wrong. This may just be a problem of perception, but it can have very real consequences, as it can impact the attitudes of investors, lawmakers, regulators, enforcement agencies and the public toward this....
It has now been over two years now since I and thousands of others around the world pre-ordered the Viper ASIC Scrypt miners from the Manchester, UK based Alpha Technology. No-one has yet received a miner, refund or an update of the fraud investigation from Greater Manchester Police. This is something that is baffling many in the industry as they still haven’t even a finished product to ship on a promise gave in May 2014 that they would begin dispatching the miners in July 2014 by the director Mohammed Akram. This date has moved continuously throughout 2014/15 and now into 2016 with....
Law enforcement is catching up with criminals who use bitcoin to escape detection for their crimes. The imprisonment of Ross Ulbricht in February 2015 marks the most visible proof that criminals cannot hide their online activities. Czech national Thomas Jiikovsky was suspected of laundering $40 million in stolen bitcoins and in March police seized his assets. Trendon Shavers pleaded guilty to operating a $150 million Ponzi scheme in September, marking the first bitcoin securities fraud case. That same month, police arrested Mark Karpeles for fraud and embezzlement of $390 million from the....