Ransomware cashout service targets BetAmerica

By Bookmakers Review06 June 2013
Share with:
Ransomware cashout service targets BetAmerica

Security expert Brian Krebs on his blog KrebsOnSecurity identifies a ransomware cashout service for cybercriminals targeting betamerica.com.

According to Krebs, while for cybercriminals infecting computers with ransomware is quite easy, converting ransom fees into cash is a much more complicated procedure, especially when the cybercriminal is quite successful.

So when the security expert stumbled on a ransomware cashout service hosted in Belarus that sent queries to betamerica.com, Krebs was convinced they were trying to launder the proceeds of the criminal activities through the betting site.

Betamerica.com’s operations team had already flagged the targeted accounts as "non-wagering", a status that prevented to use them to place bets on horse racing.

A Betamerica representative told KrebsOnSecurity that the US betting site had earlier stopped fraudsters that were trying to launder money by making a deposit and immediately ask for a withdrawal using a different payment method.

"Bottom line is that money has to be wagered. It’s not going to be returned to you in another form," Betamerica told Krebs.

Betamerica.com is a horse racing betting site licensed in North Dakota.

Source: KrebsOnSecurity's Cashout Service for Ransomware Scammers