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Digital technologies are revolutionizing the international financial system and bringing unprecedented opportunities to the developing economies. Forecasters predict that, globally, 1.6 billion more individuals will be able to use financial services because of technological innovation. Yet with opportunities come risks – specifically, the growing threat of financial crimes. Cybersecurity expert Tom Kellermann dissects the role of cryptocurrencies and alternative payment systems in global cybercrime in this detailed look at modern financial governance. getAbstract recommends this illuminating guide to digital technology’s dark side to financial professionals, investors and regulators.

About the Author

Tom Kellermann is CEO of Strategic Cyber Ventures and a global fellow at the Wilson Center.

 

Summary

The expansion of digital financial services around the globe could add $3.7 trillion, or 6%, to developing economies’ collective GDP. The downside of this growth is the growing specter of cybercrime. Officials estimate that, each year, cybercrime slashes world economic output by $445 billion.

Much of this nefarious activity – money laundering, “child pornography, weapons and drug sales, hackers and murder for hire, zero day exploits and false identity documents” – ties directly to the increasing prevalence of cryptocurrencies...


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