It is often argued that cash’s anonymous and untraceable nature fuels the criminal economy. Kenneth Rogoff argued in his 2016 book The Curse of Money in physical form such as banknotes and coins. More that “This is often used as a generic expression to refer to banknotes, versus the “metal currency” expression, which refers to coins. More, especially large notes such as the U.S. $100 bill, facilitates crime.” Björn Ulvaeus, a former member of the Swedish pop group ABBA, is also adamantly against cash and claims it is a tool of preference for criminals.
However, criminals have adapted very well to the digital economy. Bands of thieves are stealing funds via digital A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More apps using their victims’ iPhone passcodes or drugging them to use their phone’s facial recognition technology. Such crimes have been reported in cities such as Boston, London, New York, and Mexico City.
“It’s just as simple as watching this person repeatedly punch their passcode into the phone. There’s a lot of tricks to get the person to enter the code.” – Sgt. Robert Illetschko of the Minneapolis Police Department.
Thieves are exploiting an iPhone vulnerability: the passcode, a string of numbers that grant access to a device (see Illustration 1). Criminals befriend victims at bars, ask them to take a photo or open up Snapchat or other social media apps, and observe while the owners unlock their iPhones with the passcode.
Illustration 1. iPhone Passcode Robberies.
After thieves learn a user’s passcode and steal the device, they can This is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More their victim’s Apple ID, lock the user out of their account, unlock the phone’s stored passwords, and commit thefts through Apple Pay charges, banking and mobile payment apps.
The New York Police Department (NYPD) is investigating the deaths of two gay men, first regarded as drug overdoses but now considered robberies. The victims’ relatives found the men’s bank accounts were drained using banking apps, PayPal and Venmo accounts, and their credit cards were maxed.
Thieves target New York bar-goers, launder From the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More via apps, and then resell the phones. The perpetrators unlock users’ phones with facial recognition technology by holding the devices in Facade, face. See Obverse. More of their faces while the victims are unconscious.
An NYPD grand larceny task force is investigating at least a dozen similar non-fatal cases. New York Times reporters spoke to five men drugged in gay bars and awoke to find their bank accounts had been emptied, and their credit cards were maxed out.
“The most important thing is awareness. People forget that what they’re holding in their hand is their entire life. If someone has access to it, they can do a lot of damage.” – Sgt. Robert Illetschko of the Minneapolis Police Department.
Wall Street Journal reporters put together a list of recommendations to protect data from thieves.