Friday, April 25, 2014

I call BS on a Money Laundering article by McAfee

On Rich Muny's FB page, Cheri Jacobus cited a report from McAfee, which I read completely and dissected the article below, and then tweeted the article for others to enjoy... you may find it amusing ..

Nolan Dalla Well done. Do a youtube search some of jacobus' televised debate appearances on other issues where she gets slaughtered. Im glad she's in their corner. We couldnt "cheri" pick a more pathetic group of adversaries than jacobus, adelson, lincoln, et al
Yesterday at 11:53am · Edited · Unlike · 3

Cheri Jacobus Raj Samani favorited your Tweet
4h: This report from @McAfee_Labs details how criminals launder money using online gambling sites. Read "Jackpot!":
2 hrs · Unlike · 2

Rich Muny So what Cheri. That report makes the case for licensing & regulation. As the letter above shows you lack any understanding of this issue, your opinion could not be less relevant.
1 hr · Unlike · 3

Cheri Jacobus credits Thackston and Byers
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Martin Carrico so she blocks you on Twitter...and then responds to you on Facebook go figure
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Rich Muny lol
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Rich Muny Cheri: I skimmed the article and didn't see the Thax stunt cited. If it were, it would just delegimize the article.
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Rich Muny Cheri. You represent Byers, right?
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Sean Wookie Doidge Reading this @McAfee report (isn't he a bad boy to begin with?) .. 3 year old Microsoft report cited .. Poker is 3rd of the 4 products lists, ranking only above Bingo, but behind Casinos and Betting (both in the Sands realm!) ...
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Sean Wookie Doidge They cite Casino City for evidence which shows this:
Most Popular Online Poker
No. 1 Online Poker Site bet365 Poker
No. 2 Online Poker Site 888 Poker
No. 3 Online Poker Site
which we all know is CLEARLY wrong but checking will easily verify how upside down that top 3 ... PokerStars clearly out performs 2nd place 888Poker by a factor of OVER 8 to 1 ....
1 hr · Like

Sean Wookie Doidge These 2 paragraphs completely contradict each other:
Although a large proportion of gamblers comply within local laws and use licensed
gambling services (and contribute to these impressive growth figures), a significant
percentage are engaged in gambling at unlicensed websites. Examples of unlicensed
online gambling vary but can include bingo, poker, betting, and other casino games.
In fact, the number of licensed gambling websites is simply a drop in the
ocean compared with sites that are unlicensed (and subsequently illegal in some
jurisdictions). In October 2011, one count of unlicensed websites reached 25,000.10
With dozens of unlicensed gambling sites being created every day, it is likely this
number has increased significantly.
1 hr · Like

Sean Wookie Doidge If "a large proportion of gamblers" comply and use licensed sites , which is says is around 2,400 .. then how can there be 25,000 UNLICENSED websites? there are your launderers, go get them! ..
this is a Pro-Regulation point.
57 mins · Like

Sean Wookie Doidge Halfway through the report and no "facts" yet that prove their point ... Licensed is accepted as Licenced (spelling) but they use both in the report.. they should try to remain consistent if they want to appear professional...
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Sean Wookie Doidge • Gambling involves a huge volume of transactions and cash flows, which
are necessary to disguise money laundering.

Large sums of winnings or losses are tracked on most poker sites, and accessible in leaderboards and summaries in Poker media on blogs and print and online mags, etc... This means launderers would need lots of smaller transactions to disguise and spread across more people/players and this just isn't easy, and increases the Overhead in People and Time to accomplish this task. There are far easier ways to launder money.
53 mins · Like

Sean Wookie Doidge there is a point about smaller transactions = less fines at risk , and being able to "chipdump" (my term, not theirs) for transactions like buying drugs.. but fail to mention the trail of getting that money onto the gambling site in the FIRST place.
I have yet to see ANY of the reports of "potential" problems point out that if you get CAUGHT be security safeguards or manual detection of the sites, you get your ENTIRE balance confiscated! So risk of losing 100% adds to the cost of business for launderers.
35 mins · Like

Sean Wookie Doidge All of page 9 points out why regulated licensed operators are better than unliecensed or illegal
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Sean Wookie Doidge Shout-out to SealsWithClubs for appearing in the report, as they talk about anonymity using BTC and Gambling sites, but here again, Seals is far down the list for traffic, it's a very small pond to try to "hide" your laundering in, would be noticed and blogged about by other players who are regulars.
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Sean Wookie Doidge Figure 7 is the most ridiculously unrelated internet article on "advice on running a gambling ring" which has nothing to do with online sites of any kind...
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Sean Wookie Doidge Page 13 actually shows why money laundering through gambling sites is a bad idea fraught with fraud or scams...
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Sean Wookie Doidge and I'm at the end... no substance to this double talking pile of BS ..
I think this disclaimer at the end covers it nicely
"The information in this document is provided only for educational purposes and for the
convenience of McAfee customers. The information contained herein is subject to change without
notice, and is provided “as is,” without guarantee or warranty as to the accuracy or applicability
of the information to any specific situation or circumstance.
12 mins · Like

Sean Wookie Doidge Tweeted so others can appreciate the document
9 mins · Edited · Like

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