This document discusses how online games can be used to launder money through microtransactions. Criminals purchase in-game currencies using stolen credit cards or accounts. They then sell these currencies at a discount on reseller sites, obscuring the money's origin. Games like Fortnite, World of Warcraft, and Minecraft are targeted. Loot boxes in particular enable money laundering by exchanging in-game items for cash. Regulators in some countries and US states are proposing bills to restrict microtransactions and loot boxes, especially for child-oriented games, due to their potential for exploiting addiction.
The Defiant YouTube's Robin Schmidt created a DeFi 101 presentation explaining what this new blockchain-based financial freedom is all about. You'll get the definitions you need to talk the talk, the protocols to get you started and the data sources to not get rekt.
This is my presentation about what is money laundering crime and what is the role of financial institutions in the fight against it. I used it during my speech for a bunch of Business School Students (ISM).
Stablecoins have emerged as an alternative digital payment system offering the best of both traditional and modern digitized economies. In this deck, Shaan, our blockchain SME, will discuss how fiat-backed stable coins are well-equipped to help users transition seamlessly from a solely fiat-driven economy to a more modern and stable global economy.
The Defiant YouTube's Robin Schmidt created a DeFi 101 presentation explaining what this new blockchain-based financial freedom is all about. You'll get the definitions you need to talk the talk, the protocols to get you started and the data sources to not get rekt.
This is my presentation about what is money laundering crime and what is the role of financial institutions in the fight against it. I used it during my speech for a bunch of Business School Students (ISM).
Stablecoins have emerged as an alternative digital payment system offering the best of both traditional and modern digitized economies. In this deck, Shaan, our blockchain SME, will discuss how fiat-backed stable coins are well-equipped to help users transition seamlessly from a solely fiat-driven economy to a more modern and stable global economy.
In 1934 the Academy Awards introduced a new category: Film Editing, awarding an Oscar to Conrad A. Nervig for his work on the movie Eskimo. Often called “the invisible art,” editing has made movies possible since they first began, but the field still struggles to gain the appreciation from the general public that it deserves. Not us. We've always been big fans. To celebrate the art of editing, we’ve put together a quick visual timeline spanning 125 years.
Threads Of money Laundering. I am Introducing a very big Issue, a big problem of our Country. I have written many ways to be out of the situation. So guys If you have chosen this topic be careful and Hit like and Download my PPT.
Do you ever wonder about what is the fastest speed of a blockchain transaction? One of the fastest records of a blockchain transaction is 10,000 Transactions Per
Dmarket is a global marketplace based on blockchain and smart contracts. It will enable one-click sale, exchange or evaluation of every virtual item between all games on any platform. Using our API every game developer will easily connect their game to Dmarket. Users will finally enter the global economy with virtual items. Game developers will gain from increased lifetime value, revenue, and time spent in their games. The decentralized blockchain of Dmarket is the technology to ensure 100% security and safety. Smart contracts are the bridge on blockchain to connect all game worlds and universes together without any third-party needed. They will log change of ownership and automatically transfer payments.
In 1934 the Academy Awards introduced a new category: Film Editing, awarding an Oscar to Conrad A. Nervig for his work on the movie Eskimo. Often called “the invisible art,” editing has made movies possible since they first began, but the field still struggles to gain the appreciation from the general public that it deserves. Not us. We've always been big fans. To celebrate the art of editing, we’ve put together a quick visual timeline spanning 125 years.
Threads Of money Laundering. I am Introducing a very big Issue, a big problem of our Country. I have written many ways to be out of the situation. So guys If you have chosen this topic be careful and Hit like and Download my PPT.
Do you ever wonder about what is the fastest speed of a blockchain transaction? One of the fastest records of a blockchain transaction is 10,000 Transactions Per
Dmarket is a global marketplace based on blockchain and smart contracts. It will enable one-click sale, exchange or evaluation of every virtual item between all games on any platform. Using our API every game developer will easily connect their game to Dmarket. Users will finally enter the global economy with virtual items. Game developers will gain from increased lifetime value, revenue, and time spent in their games. The decentralized blockchain of Dmarket is the technology to ensure 100% security and safety. Smart contracts are the bridge on blockchain to connect all game worlds and universes together without any third-party needed. They will log change of ownership and automatically transfer payments.
Play to Earn games are a new trend in gaming that's quickly catching on. The main value of a play to earn game comes from the currency earned within the platform. While not all play to earn games are created equal, the majority of these games use native tokens for in-game purchases and trading among players. The game's economic model should also be simple enough to encourage players to play and earn for the game's items.
DQ 2Reread the Freemiums in the Social Gaming World Case and ans.docxjacksnathalie
DQ 2
Reread the Freemiums in the Social Gaming World Case and answer the following: What does the term freemium refer to? Give some examples. Do you think this is a good model for other companies to follow? Many social games fall into this category. On the social networks, why is it difficult to generate revenue through advertising? Why is it particularly hard for social games?
Closing Case FREEMIUMS IN THE SOCIAL GAMING WORLD
Social games played on sites like Facebook and MySpace are the hottest part of the game industry. The market for social games has been dominated by three companies: Zynga (zynga.com), Playdom (playdom.com), and Playfish (playfish.com). In November 2009, Electronic Arts (ea.com) acquired Playfish for $300 million in cash and stock and guaranteed another $100 million in bonus payouts if certain milestones were met by 2012. A short time later in December 2009, Digital Sky Technologies (dst-global.com), a Russian firm with offices in Moscow and London, bought a $180 million stake in Zynga. Based on this investment, as well as other investments in the firm, many financial analysts put Zynga’s market share worth somewhere between $1.5 and $3.0 billion.
To the casual observer, these valuations seem astounding. It is the case that social games are simpler than the average video game and take much less time to play. It is also the case that they have expanded the game audience beyond traditional video gamers who tend to be young males. Yet, from an economic standpoint, the major difference between social games and video games is that the former are free. If players don’t have to pay, where does the return on investment (ROI) for companies like Electronic Arts and investors like DST come from? The answer lies in micropayments.
The
Solution
In 2007 Facebook launched a platform that enabled software developers to create applications for the site. Currently, the site has tens of thousands of applications. Similarly, MySpace, which relies on Google’s OpenSocial platform, has 4,500 applications available to users. Today the most popular application category for both of these social networks is social gaming. On Facebook, for example, there are nine games that have more than 12 million active players per month. This is more than the number of monthly players for World of Warcraft, the most popular online game. Of course, they pay to play. Among the top 10 most popular social games on Facebook, Zynga has three offerings— Farmville, Mafia Wars, and Café Word—with a combined audience of over 105 active players per month, while Playfish has two offerings— Pet Society and Restaurant City—which has 60 million active users per month.
If it doesn’t cost anything to play a social game, then how does the game company make its money. One way is with advertising. Either continually or at various times during the game, ads can be displayed. Just as the advertising firms do with the search engine companies or other Web sites, the game companies can ...
Social game revenue potential, costs, and the keys to being successful in the...Mike Turner
An overview of what the social gaming market is, what revenue games are making in the space, what a social game costs, what the top developers are doing to be successful, and strategies for being successful in the space through proper social game design, good user acquisition strategies, a strong live operation + running you social game as a service, and a few other key tips.
IS IT TIME TO TAP INTO THE REAL-MONEY MOBILE GAMING BOOM ? Probability_Feb 1...Market Engel SAS
Exploring the opportunities for media owners, app developers, marketing agencies and mobile network operators to generate extra revenue, attract new customers by tapping into the mobile real money gaming boom. Gambling on mobile devices will generate €19bn of revenue worldwide in 2018 (H2 Gambling Capital). Mobile is an unstoppable force in the gambling industry. Almost half of on-line betting in the UK has already switched to mobile, and no major gambling operator can afford not to have a mobile site. Mobile is disrupting gambling in less obvious ways by bringing in a whole new type of customer, and opening up the opportunity to brands and marketeers from outside the traditional industry to promote casual, entertainment focussed, gambling games direct to mobile. Recently we’ve noticed a growing number of non-gambling companies approach us with an interest in entering the sector. They are attracted by the potential to increase revenues, to attract, retain and engage customers. But they’re not gambling businesses, and they don’t want
to be gambling businesses. Our White Label partnership programme is designed to meet that need. These partners often share the same questions and concerns about
gambling - how it works, who plays, why they play, where they play. To help answer these questions we invited a sample of our UK customers to participate in a mobile survey. Nearly 4000 participated. In this White Paper you will get many of the answers and insights you need to map out your path into mobile entertainment gambling.
Our survey reveals which social and other media channels they use, the gender split
of players, the average game play session time, peak times of play, and the top 5 regions in the UK for cash game players. We think you’ll agree with us that, with the right partner and strategy, real money mobile games present a fantastic opportunity
for brands, media owners, marketing agencies and mobile network.
Milen xx philippines mental health promotion and practice strategiesMilen Ramos
PROMOTION OF MENTAL HEALTH AMONG WOMEN IN PHILIPPINES
CELEBRATION OF INTERNATIONAL WOMEN S DAY
STAGING MENTAL HEALTH PROMOTION AND SERVICES
INDIVIDUAL, COMMUNITY AND NATIONAL INTERVENTION
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
Financial crime in online gaming internetaddictsasvictims 190816062828
1. FINANCIAL CRIME ON INTERNET GAMING
ON LINE GAMER ADDICTS AS VICTIMS
KAIST (KOREA ADVANCED INSTITUTE OF SCIENCE AND TECHNOLOGY) -
DEPARTMENT OF BIO AND BRAIN ENGINEERING AND PROGRAM OF BRAIN AND
COGNITIVE ENGINEERING DAEJEON, SOUTH KOREA AUGUST, 2019
MILEN SANTIAGO RAMOS
CLINICAL PSYCHOLOGY _NEUROSCIENCE_CRIMINOLOGY
PHILIPPINES
2. WHAT ARE THE MAIN TYPES OF FINANCIAL
CRIME ?
fraud.
electronic crime.
money laundering.
terrorist financing.
bribery and corruption.
market abuse and insider
dealing.
information security.
3. Who commits Financial Crime ?
There are essentially seven groups of people who commit the various types of financial
crime:
Organised criminals, including terrorist groups, are increasingly perpetrating large-
scale frauds to fund their operations.
Corrupt heads of state may use their position and powers to loot the coffers of their
(often impoverished) countries.
Business leaders or senior executives manipulate or misreport financial data in order
to misrepresent a company’s true financial position.
Employees from the most senior to the most junior steal company funds and other
assets.
From outside the company, fraud can be perpetrated by a customer, supplier,
contractor or by a person with no connection to the organisation.
Increasingly, the external fraudster is colluding with an employee to achieve bigger and
better results more easily.
Finally, the successful individual criminal, serial or opportunist fraudsters in
possession of their proceeds are a further group of people who have committed financial
crime.
5. PRECIPITANTS
“THIS AGE OF ‘MICRO-TRANSACTIONS’ HAS
GONE WAY TOO FAR. LEAVE IT TO EA TO
STRETCH THE BOUNDARIES.”
“SERIOUSLY? I PAID 80$ TO HAVE VADER
LOCKED?”
Star Wars Battlefront II. The game is an action shooter video
game that, at the core, pits you vs other players in huge
multiplayer battles. It lets you play as various normal
character classes AND as iconic Star Wars heroes.
FORMERLY A MARKETING GIMMICK OF ELECTRONIC ARTS, IN WHICH THEY TRIED TO IMITATE REAL-LIFE
SPORTS NETWORKS BY CALLING THEMSELVES THE "EA SPORTS NETWORK" (EASN) WITH PICTURES OR
ENDORSEMENTS WITH REAL COMMENTATORS SUCH AS JOHN MADDEN, IT SOON GREW UP TO BECOME A SUB-
LABEL ON ITS OWN, RELEASING GAME SERIES SUCH AS FIFA
6. MONEY LAUNDERING
IS THE ILLEGAL PROCESS OF CONCEALING THE
ORIGINS OF MONEY OBTAINED ILLEGALLY BY
PASSING IT THROUGH A COMPLEX SEQUENCE OF
BANKING TRANSFERS OR COMMERCIAL
TRANSACTIONS. THE OVERALL SCHEME OF THIS
PROCESS RETURNS THE MONEY TO THE
LAUNDERER IN AN OBSCURE AND INDIRECT
WAY. WIKIPEDIA
7. Money laundering in Online Games are
called MICROLAUNDERING
because MICROTRANSACTIONS is
being used
8. Microtransactions (someti
mes abbreviated as MTX)
are a business model where
users can purchase virtual
goods with micropayments.
Microtransactions are often
used in free-to-play games
to provide a revenue source
for the developers
9. Downloadable content (DLC) is additional content created for an
already released video game, distributed through the Internet by the
game's publisher. It is a form of video game monetization[1], enabling
the publisher to gain additional revenue from a title after it has been
purchased, often using some type of microtransaction system.
Downloadable content can be of several types, ranging from
aesthetic changes for a character, or new objects or challenges,
to expansion packs adding new levels, game modes or a whole new
storyline. Downloadable content became prevalent in the 21st
century, and especially with the proliferation of Internet-
enabled, sixth-generation video game consoles. It has become
common practice to re-release games in the form of special
editions incorporating previously released DLC along with the main
title.
10.
11. Owen Mahoney
How Nexon accidentally invented
microtransactions.
Nexon's Owen Mahoney talks about how his company
treats microtransactions at GamesBeat 2015.
Headquartered in Japan, Nexon is a leader in the free-to-play gaming
industry, where games are free but developers offer in-app sales on items
such as a character’s armor upgrades or special abilities.
This was different than the Western approach, sometimes referred to as
“pay-to-win,” where developers encourage players to spend money to
boost their characters and move on to the next level.
12. Nexon invented free-to-play games when it was preparing to remove
one of its subscription titles because of a lack of players. The team
decided to give the game away for free and sell some in-game items
as an experiment. Shortly after, subscription membership
skyrocketed. In Q2 of 2015, Nexon reported a revenue of 42.66
billion yen, showing an increase of 16 percent over one year. Asia is
the leader in the free-to-play market, bringing in $4.2 billion in
revenues in 2015. North America and Europe come close behind with
$3.1 billion and $2.1 billion in revenues over the same year.
it didn’t start out as a monetization strategy or a business
strategy,”
Mahoney said. “It started out as an idea on how to help
your customers, or your gamers, to have more fun in the
game.”
13. THE “WHALES” OF THE SOCIAL-GAMING WORLD ARE THE
BIGGEST SPENDERS, THEY MAKE UP A TINY GROUP
(THINK ABOUT 2 PERCENT OF AUDIENCES) THAT DRIVES
MOST OF THE REVENUE FOR PUBLISHERS OF THESE
GAMES. BUT THE WORD “WHALE” ISN’T A FLATTERING
TERM, AND NEITHER ARE THE NUMBERS ASSOCIATED WITH
IT. THESE ARE PEOPLE, NOT JUST CUSTOMERS.
14. Today, the idea of a “whale” carries a different weight for each
company. 5th Planet Games, a developer of social games for
both casual and hardcore audiences, starts classifying its
players as whales when they spend $100 or more a month.
That’s a big jump from whales on Facebook, for instance, where
social gamers could drop $25 per month to meet the same
qualification.
5th Planet chief executive Robert Winkler revealed at the Game
Developers Conference Online in 2012 that with its game Clash
of the Dragons, 40 percent of revenue came from 2 percent of
players who spent $1,000 or more. Ninety percent came from
those who spent $100 or more, and the top whale had spent
$6,700.
16. CRIMINALS ARE USING FORTNITE TO LAUNDER MONEY
THE HUGELY POPULAR FORTNITE EARNED A WHOPPING $3 BILLION IN 2018 AND
ATTRACTED MORE THAN 200 MILLION PLAYERS WORLDWIDE. BUT FORTNITE
DEVELOPER EPIC GAMES ISN’T THE ONLY ONE MAKING MONEY OFF THE GAME.
CYBERCRIMINALS HAVE BEEN USING FORTNITE’S IN-GAME CURRENCY, V-BUCKS, TO
LAUNDER MONEY
17. There are three major steps involved in
micro-laundering:
Placement: Moving cash from its source
Layering: Making it difficult to detect and
uncover illicit funds
Integration: Moving cash back to the
launderer in a manner that makes it look
legitimate
Jean-Loup Richet, a cybercrime researcher and expert at Harvard University
18. The launderers’ modus operandi is simple (yet it leaves no trail for
law enforcement to follow):
• Launderers purchase credits (or gold, as gamers call them) on
online games; the purchase is made using pre-paid cards, or
stolen cards
• Once the gold is purchased, the launderer sets up shop on a gold-
selling site. These reseller sites, as it were, attract a large number
of gamers as the gold is often sold at a marked down price
• As with every other transaction on the site, a buyer purchases the
gold, and the launderer, in effect, cleans his illegally obtained
money.
• Neither the buyer nor the seller (the money launderer) are aware of
the other’s identity; in fact, they could be living in different and
distant parts of the world
19. JEAN-LOUP RICHET, A CYBERCRIME
RESEARCHER AND EXPERT AT HARVARD
UNIVERSITY
ACCORDING TO RICHET, MONEY
LAUNDERERS GRAVITATE TO ROLE-
PLAYING GAMES — PARTICULARLY THE
MASSIVELY MULTIPLAYER ONLINE ROLE-
PLAYING GAMES (MMORPGS) WHICH
HOST MILLIONS OF GAMERS. IN THE
PAPER, RICHET PROVIDES POPULAR
MMORPGS SUCH AS SECOND
LIFE, WORLD OF WARCRAFT, AS
EXAMPLES.
20. ON LINE GAMES DOES NOT
REQUIRE THEREFORE BECOMES
SAFER TO LAUNDER
Anti-Money Laundering (AML)
rules and Ultimate Beneficial
Ownership (UBO)
requirements,
21. Money laundering schemes using in-game purchases
Criminals have likely been using games and online worlds
like Second Life as a money laundering technique since
their inception in the early 2000s, partly because cash can
be paid into games, and later withdrawn as a transfer
directly into a bank account, giving scammers ‘clean’
cash and another layer of complexity between them and the
criminal source of their income.
Researchers have found that some fraudsters transfer their
in-game funds into cryptocurrencies, adding yet more
distance between their money and its source.
22. Kromtech’s Security researchers found that the
thieves were targeting three games,
Clash of Clans, Clash Royale and Marvel Contest
of Champions.
While these are all free-to-play games, they offer in-
game purchases for virtual currencies.
The card thieves create fake Apple and Google
accounts, and then pay for in-game currencies using
the stolen cards.
Rather than using the stolen cards to make large
purchases, the thieves can make many small orders,
accumulate lots of in-game money, and then sell the
game currencies in the market, for cash which they
can then exchange for Bitcoin.(cryptocurrencies
23. Fortnite‘s V-Bucks,
the virtual currency used in the massively popular
Battle Royale shooter to purchase outfits, weapons,
and other items, are apparently also being used by
criminals for money laundering schemes.
Criminals are buying V-Bucks from the
official Fortnite store using stolen credit card
information.
The V-Bucks are then sold in online black markets
at discounted rates to “clean” the money,
Cybersecurity firm Sixgill.
24. The discounted V-Bucks may be found for
sale on social media platforms such as
Instagram and Twitter,
but most of the money laundering happens on
the dark web, which is a part of the internet
that may only be accessed through special
software.
This is where a lot of illegal activity takes
place, and apparently, money laundering
through Fortnite‘s V-Bucks is now part of the
list.
Cybersecurity firm Sixgill.
25. Fortnite money launderers are also targeting unsuspecting regular players by
running scams on social media.
In the game, V-bucks can be bought in bundles to spend on outfits,
cosmetics, and other aesthetic attributes. They can’t be spent on
anything that would give a player a competitive advantage, and they
can’t be purchased outside of the official store.
Between September and October 2018, cybersecurity firm
Zerofox generated 53,000 alerts relating to Fortnite scams. Scammers
lure in players who are looking for cheaper ways to acquire V-bucks by
advertising “V-bucks generators” and asking players for personal
information, such as Fortnite usernames and passwords and credit
card information. Although Fortnite’s age requirement is 12, younger
children are reported to play the game. Zerofox warns that they are
more likely to fall victims to scams—especially if their parents won’t
give them money for the game.
26.
27. A joint investigation by the Independent and
Sixgill, a cybersecurity firm, uncovered
Fortnite money laundering operations
around the globe, being conducted in
Chinese, Arabic, Spanish, Russian, and
English. Sixgill also found that Fortnite items
took in more than $250,000 on eBay over a
60-day period last year, although exactly how
much criminals are profiting from the scheme
is unclear.
28. World of Warcraft,
GTA 5,
Fifa,
and
Minecraft
Are other online games
targeted by cybercriminals
to do money laundering
29. “Gamers must be made aware of
the crucial role they have in
cybercrime whenever they take part
in the exchange of online gaming
currencies.
Denial of service attacks, identity
theft, and financial fraud are just a
few of the attacks that have been
funded by the sale of online gaming
currencies and have devastated
companies and organizations of all
sizes.”
Trend Micro
30. There are several ways for criminals to obtain
large amounts of in-game currency.
They can exploit accounts by infecting
computers with malware to steal login
credentials.
Another way is to purchase in-game currencies
with stolen financial information such as credit
cards or PayPal accounts.
All of this information is available for purchase
on the deep web
31. Loot box
One controversial form of microtransaction is the loot box. A loot
box is basically an in-game treasure chest that can be redeemed
for a chance at winning one of several randomly selected virtual
items. Some of the items are more valuable than others because
it is more powerful, looks cool, or just because of the rarity itself.
It’s analogous to purchasing a pack of Magic the Gathering or
Pokémon cards, hoping one of them will be the rare card that
gives you the edge over your opponents. Some people think this
is tantamount to gambling as people can and will spend a large
amount of money (sometimes in the hundreds of dollars) in order
to maximize their chances of getting the shiny new weapon or
Pokémon.
32. REGULATION
Senate Bill Could Mean Game Over For
Microtransactions And Loot Boxes
It's possible that the public will do a better and faster
job at fixing the problem.
By STEVEN CHUNG
May 29, 2019 at 1:14 PM
33. Senator Josh Hawley (R-Mo.) introduced
the Protecting Children from Abusive Games
Act, a bill that bans “pay-to-win”
microtransactions and loot boxes in games
geared toward children.
34. According to the bill, a pay-to-win microtransaction in a typical video
game is defined as an in-game transaction that
1) helps a player progress through the game;
2) 2) helps a player accomplish an achievement in the game
3) helps a player receive an award in the game; or
4) permits the player to continue to play the game after the expiration
of a timer or a number of gameplay attempts.
In a competitive game, a pay-to-win microtransaction is defined as an
in-game transaction that gives a player a competitive advantage over
others.
The bill provides some exclusions to the ban.
Microtransactions will be allowed for accessing more difficult content,
additional game content, and for cosmetic in-game improvements. So
this means that in-game expansion packs, and alternate character
costumes are safe.
35. Sen. Josh Hawley (R-MO) announced that he would be introducing
a bill banning “manipulative” design features in video games with
underage audiences, including the sale of loot boxes.
The legislation would, if approved, prohibit the sale of loot boxes in
games targeted at children under the age of 18.
Games marketed toward wider audiences could also face penalties
from regulators like the Federal Trade Commission if companies
knowingly allow children to purchase these randomized crates.
State attorneys general would also be empowered under these new
rules to file suits against gaming companies on behalf of the
residents of their states on issues like loot box sales.
36. Social media and video games prey on user addiction,
siphoning our kids’ attention from the real world and
extracting profits from fostering compulsive habits,”
Hawley said. “No matter this business model’s
advantages to the tech industry, one thing is clear: there
is no excuse for exploiting children through such
practices.”
“WHEN A GAME IS DESIGNED FOR KIDS, GAME
DEVELOPERS SHOULDN’T BE ALLOWED TO
MONETIZE ADDICTION.”
And when kids play games designed for adults, they
should be walled off from compulsive microtransactions.
Game developers who knowingly exploit children should
face legal consequences.
37. Belgian Gaming Commission ruled that
loot boxes fall under the jurisdiction of
its gambling laws. Concern spread
across Europe, and this pushed
studios like Blizzard and EA to pull the
sale of loot boxes from their games in
those countries.
38. Hawaiian state representative Chris Lee recently held a
press conference where he characterized loot boxes as
“predatory gaming,” and is working on legislation to ban
minors from buying them. He later added in a Reddit
post that “these kinds of loot boxes and
microtransactions are explicitly designed to prey upon
and exploit human psychology in the same way casino
games are so designed.”
In Australia, a regulator for the state of
Victoria agreed that “what occurs with ‘loot boxes’ does
constitute gambling” and that the regulatory body for
gaming was "engaging with interstate and international
counterparts" on policy changes
39. AML in the Philippines was established to prevent
money laundering. The country created an Anti-
Money Laundering Council (AMLC) to ensure that
the Anti-Money Laundering Act (AMLA) is being
observed by those within the financial industry
The law also ensures that the country will
cooperate with other countries, with the United
Nations, and other international bodies for
investigation of money laundering offenses, or
even cases where laundered money is used for
financing terrorism.
The “covered transaction” is usually a single or
combination of transactions that will total in the
amount of 4 million pesos (or equivalent amount
in foreign currency).
40. Adherence to AML Law (and KYC Laws) is also the
reason why blockchain and crypto wallet apps,
particularly those whose business are mainly in the
Philippines, require multiple stages of verification.
Let’s take Coins.ph as an example. In its first limit (Level
1), you can cash in up to Php 2,00 but cannot cash out.
Level 2 users can cash in and out up to Php 50,000
monthly, but that requires at least 3 verifications – phone
verification, identity verification, and selfie verification. A
level 3 user can cash in up to 400,000 monthly with
unlimited cash out, but you will need to verify your
address.
41. Who will be held liable is any person who has
knowledge of such activity and failed to disclose it to the
AMLC.
In 2016, the bank RCBC was involved in a complicated
series of events that led to money being laundered from
Bangladesh into the Philippines through one of its
branches.
In 2017, the AMLC reported that around Php 10.2 billion
worth of funds were laundered to the Philippines from
2015 – 2017.
according to AMLC Resolution no. 107, covered
institutions must report suspicious transactions in 10
days upon discovery of the said transaction.
As of April 2018, the AMLC has secured more than 90
convictions for money laundering offense.
46. May 2017, a university in Philippines located in
Cebu set to open up school for DOTA 2, and this
is the University of the Visayas New School of
Art and Design (UVNS) which can be found in
Gov. M. Cuenco Ave, Mandaue City, Cebu
The DOTA 2 course is to senior high track for
arts and design, which is game design. The
students can either focus on e-sports or game
development.