Bitcoin ATMs have been relatively safe from any gang-related activity so far. That situation has come to change, as fraudsters are using these devices to launder money, according to KrebsOnSecurity. By hacking bank accounts, they deposit funds into money mules’ accounts. These mules then withdraw funds in cash and remit the stolen funds through one of the many Bitcoin ATMs available today.
Criminals are looking into different ways to make money these days. Phishing, extortion, ransomware, and bank account hacking remains the four most popular solutions to date. But when corporate bank accounts get hacked, things transpire in a very different manner compared to what most people would anticipate.
Money Mules Receive Bitcoin ATM Instructions
The first step is to move the funds out of the hacked account into a dummy bank account. Setting up these accounts usually occurs through fake information, or by recruiting so-called money mules. This latter category provides their real information to a company they think of as legitimate, through which they receive payments. Every incoming transfer then needs to be forward to a different account, for which they will receive a small cut as a commission as well.