India Cracks Down on Illegal Payment Gateways
Pic credit: @cyberdost
Indian Cybercrime Coordination Center (I4C) has sounded the alarm on a surge in transnational cybercrime, particularly the exploitation of illegal payment gateways for money laundering. Recent law enforcement raids have uncovered complex networks of illicit financial transactions.
This warning comes after nationwide raids by Gujarat Police and Andhra Pradesh Police uncovered these illicit gateways, created using mule bank accounts.
Cybercriminals are exploiting vulnerabilities in the digital payment ecosystem, using social media platforms to recruit unsuspecting account holders. These “mule accounts” are then utilized to facilitate illegal transactions.
Mule accounts are controlled remotely from overseas, and illegal payment gateways are created using these accounts. These gateways are then given to criminal syndicates for accepting deposits on illegal platforms.
Recent raids revealed that transnational criminals have created illegal digital payment gateways using mule/rented accounts. These gateways facilitate money laundering as a service, enabling the laundering of proceeds from various cybercrimes.
Cybercriminals scout for current and saving accounts through social media platforms targeting shell companies/enterprises or individuals.
Some identified payment gateways operated by foreign nationals providing money laundering as a service.
To counter this threat, Indian authorities are urging citizens to safeguard their financial information and report suspicious activities. Banks are also being advised to strengthen their security protocols.
