Funds Laundering: Most of the modern apps have been built with the basic motive to make the lives of the people easier. Two of the most common and probably the maximum used apps are Airbnb and Uber. While Uber provides car services to the people with flexible schedules and ride car in minutes, Airbnb permits the users to rent out their homes to the travellers tight on their budget. The cybercriminals have been using these apps to conduct money laundering using the credit cards.
The process of the funds laundering through the stolen credit cards is quite similar to the process of how the iPhones are bought or other expensive items are bought. The cyber criminals sell the items and this helps them turn the credit card money into physical money.
The money laundering using the Airbnb service is pretty easy and does not require much effort but just a little bit of the creativity and the computer through which the scammers can scam the users. All they do is look for the Airbnb hosts willing to cooperate with them and they book through the host. As soon as the payment is done through the credit cards, the scammer will stay in the place until the host sends back a part of the profit.
The cybercriminals have found out new ways for the funds laundering through the most famous car service, Uber. The scammers recruit drivers who pretend to provide you with the car ride. The individuals do not actually take the ride but they pay for the trip using the stolen credit cards. The driver then sends the money for the trip back to the cybercriminal. This strategy was found similar to the major ride-sharing fraud operation that was taken into action by the federal law enforcement two years back in New York