Gambling element?Ĭertain online games allow players to buy “loot boxes” which contain an unknown loot, and can potentially be used favourably in the online game after its contents are accessed post-purchase. These means effectively help criminals “clean” the money deployed, through transfer of the virtual in-game items in lieu of real money and allow criminal transactions to get lost in myriads of legitimate ones. Stolen credit card details were used to purchase ‘V-bucks’ from the Fortnite store and sold at a discounted rate to players. Such items are (illustratively) purchased using virtual currencies, using funds acquired through hacking/phishing of accounts, or through a labyrinth of exchanges amongst multi-player online role-playing game characters (which are hard to monitor and often enable cross-country money movement anonymously). ![]() The key factor that enables money laundering through online games is that virtual, in-game items – that are bought by players to enhance their gaming experience/advancement in the game through customisation and extra benefits - sometimes have a real-life value outside the game (there are instances of such items being sold on popular ecommerce portals). There are a few varied means of money laundering through online games that are known so far. World over, the recent booming growth in the online gaming sector has attracted a surge of nefarious activities and it is in this context that assessment of the money-laundering risks through gaming platforms takes centre stage. ![]() The online gaming industry in India has witnessed a massive upswing in its growth trajectory, both in terms of users and significant venture capital investments. Investors are placing large bets on indigenous online gaming companies propelling such companies to new heights, and recently encouraging one such company to even test itself on the floor of the stock market.
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