Cash out of Cybercrime ACSC Case Study

ACS Threat Report 2017

The AFP continues to focus on key criminal services and enablers
within the cybercrime business model, including ‘cashout’ strategies
and services designed to transfer illicit funds from Australia to
overseas locations. This has included a specific project between the
AFP, AUSTRAC, the ACIC and the Australian Border Force with the
aim of identifying methodology and disrupting money-muling as a
key enabler of cybercrime in Australia. This initiative has identified
various methods of transferring funds that are used to facilitate the
cashout of cybercrime proceeds.

In one particular investigation, the AFP identified a United Kingdom (UK) national who had opened bank accounts with multiple Australia based financial institutions shortly after arriving in Australia. After returning to the UK, this individual received A$711,000 into one of those accounts as a result of funds diverted from an Australia company that had been compromised by malware. The matter was referred to the City of London Police and the offender arrested. He was found guilty and sentenced to two years and eight months in prison.

Read the full report.