Money Matters - Simplified

Beware!! Perfect Money targeted by Cyber expert criminals

We have news for you folks!! Cyber expert criminals are eyeing another online currency by the name of Perfect Money; they seemed to have shifted their attention from the Liberty Reserve, the digital currency firm to grab some “Perfect Money”.

The Liberty Reserve profits

Three months ago the international law enforcement officials peered deep into the digital currency firm Liberty Reserve to nab the cyber criminals and forced them to go towards Perfect money, another online currency.
Remember the way the criminals had laundered around with the Liberty Reserve's currency in the past? Now these unlawful people are concealing profits and laundering money from the Perfect Money's digital currency affirms Idan Aharoni, the head of cyber intelligence at EMC Corp's RSA security division. Well kudos to the brains of these online thieves and scam artists!

The credit card scams

Aharoni and his team cater to the needs of ace financial institutions and thus carefully monitor hackers busy meddling with the internet forums. These hackers grab information they steal from details of the credit cards. Aharoni said “After Liberty Reserve was taken down in May; activity on these forums initially slowed and then picked up again, with some hackers saying they would accept Perfect Money for payments”.

Aharoni is in charge of RSA unit that provides security services to almost 30,000 government agencies and corporations. Remember the popular Secure Id tokens that prevent anyone from gaining access to computer information without authorization? It’s the RSA unit’s gift for the agencies! But this incident did not come as a surprise to the RSA unit, confirms Aharoni,"We expected a large migration to another e-currency, and that has happened," he said.

Perfect Money speculation

With the speculation a rife, we still wait for comment from Perfect Money, besides a request made at its website. Perfect Money was started in 2007 but its website details exclude any contact number. It is a mystery as to who owns the website though reports state that it is based in Panama.

There is another surprise up the sleeve though; The Panamanian government denied in January that Perfect Money has no offices in the country. The Perfect Money has also not got any operational license issued by the securities regulators. Then it certainly doesn’t come as a surprise that these digital currencies that do not owe their loyalties to any government are the ideal landing ground for cyber criminals, drug dealers and hackers! The US Law enforcement agencies are gravely concerned about these currencies that are an easy prey for laundering money.

The working of digital currencies

A single company or entity is responsible for governing digital currencies like Perfect Money. Let’s tell you how it happens! All a user has to do is open an account, then transfer the units of Perfect Money to any other user registered inside the system. After this the units can be exchanged for bank credit or cash exchange deals through third parties. These parties have nothing to do with the company.

In exchange for the services offered by the online vendors, digital currencies are used. There is one hitch though- money laundering is based on anonymity! The identities of the users are kept under wraps and sometimes rely on false locations and names.

As we wait for some more news on this let us inform you that Liberty Reserve was accused of sleazing an illicit profit of almost 6 billion dollars!!