In this episode of Integrity Insights, Filip is joined by Daniel Shkedi, Head of Product Marketing and Strategy at Refine Intelligence, a fraud prevention company. He is also a fraud and threat intelligence researcher specializing in cybercriminal activity on the dark web and Telegram. His publications cover a wide range of topics, including online fraud prevention (in banking, eCommerce, and payments), identity validation, emerging threats in underground forums, and AI-driven fraud and eCrime.

The conversation dives deep into the emerging field of Money Laundering as a Service (MLAS) and how cybercriminals are adapting their operations. Daniel provides insights into his research, the typologies of money laundering services offered on the dark web, and why financial institutions need to pay attention to this growing threat.

Key themes discussed:

Money Laundering as a Service (MLAS)
Daniel describes his recent project, where he mapped out how organized criminal groups provide money laundering services to fraudsters on platforms like Telegram and the dark web. This “business” mirrors legitimate financial services in sophistication and scale, making it a rapidly growing problem for financial institutions.

Typologies of Money Laundering
Through his research, Daniel identified several key typologies of money laundering services, including:

• Bank Drops: Rented or sold bank accounts used for cash-out services.
• Bank Loaders: Criminals who move funds onward to bank drop accounts.
• End-to-End Money Laundering Services: Criminal enterprises offering full money laundering packages, including layering and integration.
• Shell Companies and Insider Services: Fraudsters offering to set up fake companies or bank insiders selling stolen financial data.
• Street-Level Cash Outs: Basic services where criminals withdraw funds using stolen or fraudulently obtained bank accounts.

Global Scope of Money Laundering
Daniel shares his findings on how these services are not limited to a single region, but are a global phenomenon. The services are available across North America, Europe, Latin America, Asia, and the Pacific, with different nuances depending on the jurisdiction.

Why Institutions Should Care
Beyond regulatory compliance, Daniel emphasizes that money laundering and fraud expose financial institutions to serious reputational risks, financial losses, and operational disruptions. Criminal enterprises are evolving, and financial institutions must adapt by building proactive threat intelligence programs.

The Role of Threat Intelligence
Daniel outlines how threat intelligence plays a pivotal role in understanding fraud enablers, monitoring their infrastructure, and predicting where future attacks might come from. By gathering data from multiple sources, including the dark web and Telegram, financial institutions can develop comprehensive threat intelligence strategies to stay ahead of cybercriminals.

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