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CINA Virtual Distinguished Speaker Series: “Transaction Laundering and the Facilitation of Cybercrime Through the Online Payment Ecosystem” – LegitScript – Lilly Richardson & Jenny Mosbacher
October 14, 2020 @ 12:00 pm - 1:30 pm
As e-commerce continues to expand, credit card transactions have increasingly become a conduit for money laundering. This presentation will highlight how criminal organizations circumvent the payments and banking ecosystem’s risk and compliance controls by setting up fake online businesses and storefronts to covertly process payments for illegal activity. This practice, known as transaction laundering, can be challenging to detect when done proficiently. The presenters will share their research on transaction laundering typologies, including the ways in which launderers hedge their risk and alter strategies over time. The presentation will also review the advantages and limitations of detection methods such as business model risk analysis and internet infrastructure mapping.
Jenny Mosbacher is a Program Manager at LegitScript, overseeing investigations teams that specialize in transaction laundering detection. During her five years at LegitScript, Jenny has mapped out online criminal networks, investigated the payment infrastructure supporting them, and developed systems to proactively identify transaction laundering.
Lilly Richardson (CAMS) is a Program Manager at LegitScript, managing an e-commerce merchant risk analysis and transaction laundering detection team. With a background in sanctions and anti-money laundering investigations, Lilly focuses on the intersection of cybercrime and money laundering. At LegitScript, Lilly spent several years researching cybercrime networks as an investigative analyst.