#QuickBiteCompliance Day 94
What Is E-Money, and How Can It Be Misused by Bad Guys?
Imagine you have a magical card or phone that holds “invisible money.” This money isn’t like the cash in your piggy bank—it’s stored electronically, kind of like how your favorite games store coins or points. This is called Electronic Money (E-Money). You can use it to buy things online, pay for snacks, or even ride the bus without carrying paper money or coins! Pretty cool, right?
But here’s the problem: bad guys (let’s call them criminals) sometimes use e-money for sneaky and illegal activities. Here’s how they might do it:
💰 Hiding Stolen Money: Imagine someone steals treasure and hides it in an online game’s “wallet” so no one can find it. Criminals do this with e-money to move stolen cash around without anyone noticing.
🛒 Fake Shops: Bad guys create fake online stores that look real. They use these stores to “pretend” they’re selling things. When people pay, the criminals take the e-money and disappear.
🌍 Sending Money Secretly: Sometimes, bad guys need to send money to other bad guys far away. Instead of mailing cash, they use e-money apps to send it quickly, without leaving a trace.
E-Money is super helpful for us when used the right way, but we must stay alert to keep the bad guys from ruining it for everyone.
🔑 What Can We Do?
1️⃣ Be careful where you shop online.
2️⃣ Only use trusted apps or websites to store or send money.
3️⃣ Speak up if something feels fishy—it might stop a bad guy!
Let’s use e-money safely and make the world a better place for everyone!
#FinancialCrime #EMoney #AntiMoneyLaundering #CyberSecurity #StaySafeOnline #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
