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Cybercriminals developing Bitcoin alternatives

Cybercriminals dissatisfied with the perceived lack of anonymity provided by Bitcoin are developing their own digital currencies for use online, network security expert RSA has warned.

Since the takedown of Liberty Reserve in May of last year and subsequent confiscation of all accounts, fraudsters looked at solid currencies that could safely protect their funds in the event they are caught.

While Perfect Money and BitCoin were attractive in some ways, Perfect Money's purported questionable background and BitCoin's insufficient level of anonymity have led to the creation of unique currency systems that can help to protect the financial security of users.

Daniel Cohen, Head of Knowledge Delivery and Business Development for RSA’s FraudAction Group, says the advent of these private financial systems and currencies in the cybercrime community indicates a stronger level of "collaboration, cooperation and sophistication" amongst fraudsters across the world.

As these internal currencies are carefully administered and secured, it ensures a high level of anonymity in transaction and also hides user identities, which makes it more difficult for the law to trace, block or seize funds and accounts.

 

By Claire Archer