Key Judgment

Digital currencies combine the intrinsic value of gold and other precious metals as well as the designated value of national currencies with the  worldwide reach of the Internet to create an ideal mechanism for international money laundering. Users can anonymously fund digital cur-rency accounts, send those funds (sometimes in unlimited amounts) to other digital currency accounts worldwide, and effectively exchange the funds for foreign currencies—often while bypassing U.S. regulatory oversight.

Feel free to download a copy of the pdf here.

Was it Mark or was it me? *Thinks hard.

Post from: EveryJoe

Department of Justice is after Digital Money World!

Never ever trust releases unless they’re from the official source (say the blog or the official e-Gold site itself), though I kinda get the hunch that most of e-Gold users are really worried about its future when we think of the indictment that they’re facing.

Well, since there’re no bad news and with e-Gold switching primary dealer, we can definitely be sure that there’s something going on behind the scene and hopefully for the better. Hope e-Gold’s blog isn’t just a place for them to update on the system maintenance though.

Dr. Jackson became really quiet after his first few virgin blog entries on the blog. Wish we could gain more of his insights of the situation and future that e-Gold is facing now very much though.

Post from: EveryJoe

Fake E-gold Bankrupt Release

2FA Devices. Singaporeans should find them really familiar – Taken with my HTC Diamond

What is 2FA? (from MAS website)

The common implementation of 2FA requires you to provide two components to identify yourself to a system or service:

i) something you know eg. PINs or password

ii) something you have eg. a 2FA token

2FA differs from traditional authentication method which only requires a single factor such as a password to gain access to a system. The 2FA token could be a hardware device or software module installed in your mobile phone.

Each time you wish to log into a bank’s website and perform online transactions, your 2FA token will generate a One-Time Password (OTP). The OTP is usually a string of numeric or alphanumeric characters which you will have to key into the system before you can perform your transactions. The OTP can also be delivered to you via SMS.

For security reasons, the OTP is usually valid only for a short period of time, after which you will have to obtain a new OTP.

Given a scenario that someone knows your userid/password combination to your bank account, without a hardware token to generate the numbers or your mobile phone for the OTP, attacks would be deterred. Though you still have a chance of losing your phone to someone or token, this second level would have deterred most attackers from trying to access your account.

Aftermath of Singapore Online Banking with 2FA?

You could see people hanging their 2FA tokens with their bunch of home keys, students or even businessmen accessing their bank accounts in cafes with their personal laptop. Singaporeans are now more security conscious as they used to be. I’m sure pretty much other parts of the world things are improving where online phishing/ social engineering attacks are getting lesser and lesser.

I’ve accounts with most local banks in Singapore to facilitate my business and work, and both the SMS and hardware tokens 2FA works seamlessly with banking transactions. In case the cookies aren’t working properly, 2FA OTP codes are asked before most of the important actions such as wiring money to another account or adding a beneficiary to your account.

How’s the other parts of the world doing with 2FA? I know it’s not a new technology to discuss, but it’s interesting to know how much your bank values your banking security.

Post from: EveryJoe

How Has 2FA Affected Singaporeans

In this July issue,  learn more about E-gold’s new primary dealer, find out how Loom is doing after all the controversies it had for the past few months, How Webmoney and Washington Post are on war mode. Remember the Fintrac message on Digital Gold merchants? Decipher it properly with DGCMagazine.

It’s out on all major newstands and coming to a click near you.

Post from: EveryJoe

E-gold has a New Primary Dealer

Maybe the process of viewing the house in virtual world could be improved so a home buyer can have a good feel of how is it like in the house. A good example would be this virtual tour of a penthouse unit in Singapore that I’ve done up with a photographer with a Javascript/ Java/ Flash technology. Maybe more videos, photos can be added in together with a floorplan.

Of course we understand that as long as we don’t get to see it physically, we can’t always confirm or affirm anything. These aids are there to assist your buying decision, rather than making a wasted trip down to look (especially for overseas buying). From here and out, we could confirm the buying process by paying the deposit through Digital Money/ DGC which would make the process relatively faster than Bankwire (I’m not sure of this, but as long as the amount gets into my e-Gold account, I would feel really safe since e-Gold payments are irreversible. Not so sure about Paypal). From here, the Realtor can carry out the procuring process and have the Solicitor ready to proceed with the rest of the conveyancing.

Getting a piece of real estate with digital money hasn’t been that common as yet, but the future of having this option seem really bright in the near future to come.

Post from: EveryJoe

Mixing Real Estate with Digital Money

Cost? It Depends

It really depends on whether you’re using Recurring payments as a Merchant on the Website Payment Pro option or Express Checkout. Website Payment Pro route will cost you a $30 monthly subscription, where Express Checkout would be free.

Benefits

• Save time. Eliminate the hassle of manually sending invoices over and over again.
• Provide flexibility. Automatically bill your customers’ credit card or PayPal account.
• Improve cashflow. Gain a predictable revenue stream.

In fact it’s quite easy to implement if you know how to integrate the APIs of Paypal to your cart or services. My server service provider does just that for my monthly subscription. Talking about convenience! ;)

Post from: EveryJoe

Recurring Payment Capabilities on Paypal

How much do you trust your Digital Money provider or a internet payment solution to procure something that’s of a huge value to you?

Or if you haven’t, would anyone please share what’s the biggest or the most expensive items that you have ever paid for using payment solutions like Paypal, Alertpay or even Digital Gold Currency like e-Gold, e-Bullion?

Hmmn, I’m REALLY curious.

Post from: EveryJoe

Has Any One Bought A House or A Car With Digital Money?

Few days later, an email came

Dear Nicholas,

URGENT BUSINESS PROPOSAL.

Regarding my Telephone conversation
After my official enquiry from the foreign trade office in Singapore regarding the sales of vessels and investment into shipping businesses in Singapore, and your number ,your name was given to me.
I decided to contact you but I did not disclose the intention to anyone else because of the delicate nature of the project. I found your profile very interesting and decided to reach you directly to solicit for your assistance and guidelines in making a business investment more specifically on shipping and related businesses in Singapore. I have US$28,000,000.00 in cash and share assets and i am ready to invest it in your country within the next few month .
I and two other colleagues are currently in need of a silent foreign partner whose identity we can join together to make it a dream.
This fund accrued legitimately to us as commission from foreign contracts, through our private connections.
The fund is presently kept with the security company inform of gold to prevent it from waving exchange rates of US dollar. By virtue of our positions as civil servants in my country, we cannot acquire this money in our names. Because as high placed civil servants, we are not allowed by the civil service code of conduct to own or operate bank accounts outside of our shores. I have been mandated
as a matter of trust by my colleagues, to look for an overseas silent partner who could work with us to facilitate transfer of this fund for our mutual benefit, hence the reason for this email.
My proposal is that after you receive the funds, it would be shared as follows: (1) 15% to you as commission for your co-operation and assistance in facilitating the transfer, while the remaining 85% belongs to me and two colleagues. You will be free to take out your commission immediately after the money have being taking to your country. Since our objective is to invest the money in a foreign
country, it would be appreciated if you could also help us with advices and direction on investing into profitable shipping business as you have vast experience in your country.
However, this is optional, and if it is not convenient for you to further assist us with investing the money, we can end our cooperation after you make available to me our part of the money and we shall use it to purchase your vessel you wanted to sell. The transaction, although discreet, \is legitimate and the money will be transferred successfully with all necessary back-up official documents showing the legitimate source/origin of fund. The transfer will be effected within a period not longer than three weeks as soon as we reach
an agreement and you furnish me with a suitable response indicating your interest for processing the agreement. I plead with you on one issue, whether you are interested or not, kindly do not expose this information to any one else. I confirm that the transaction is legitimate and without any risks either to us or yourself. Please,
give me your response immediately by returning this mail through my email address. and call me on my direct line :00-44-7031820223

Yours sincerely,

Mr.Derick Jone( Manchester, Uk)

I had Nicholas forwarded the email to me, and luckily he did. This email was obvious that it was a canned version of the Nigerian Scam. After telling Nicholas off, I googled and show him similar emails and asked him to report to the authorities with the number that he has received on his phone from the ‘buyer’

Well guys, since scammers has improvised on how they scam (like making a call for a product that you’re selling), everyone has to be more vigilant when it comes to identifying them. I’m pretty sure somewhat down the line if Nicholas actually follows up, ‘Mr Derick’ would have asked him to transfer some money over.

Post from: EveryJoe

The Classic Nigerian Scam – Repackaged

Then the best thing happened.

I came back from work to find out that my computer failed to start; yes, I do have a habit of leaving the computer on almost all the time (that’s probably why). After much mangling around the hardwares, then I’ve diagnosed one of my powerful Raptor has failed on me, bringing alot of my precious information which caused me a bomb to obtained gone.

Lesson Learned

Always, always always back up your important data onto another media. If you have the money to spend for a Raid 1 system, you can do that.. Or just simply purchase an external hard disk to store your data.

I have an external hard disk to store precious data, but its just simply a complacency on my part for not dragging them in. You can always use a hard disk imager like Acronis to do a periodic backup for you as well.

Period.

Sigh..

Post from: EveryJoe

Data is Money – Digital Money Too :)

From Washington Post,

The decision yesterday by three Internet service providers to block access to online child pornography is the latest in a series of steps by companies and government officials to curb the distribution of such materials. But a report to be published later this month questions whether such actions are making it more difficult to track users.

 

The report, by the Financial Coalition Against Child Pornography, formed by credit card issuers and Internet service providers to cut off funding for these crimes, states that the efforts are pushing child pornographers toward unregulated Web companies that allow anonymity in purchases.

“One of the first things that happened when we began shutting down the credit card avenue is that these guys began to look to other ways to get money quickly,” said Ernie Allen, president and chief executive of the National Center for Missing & Exploited

 

Many purchasers of child pornography have turned to alternative payment systems to skirt U.S. laws, cyber-crime experts and law enforcement officials said. Unlike traditional banks, these systems allow users to accept and remit payments without revealing their identities.

For example, a user might submit funds to a currency exchange company, many of which are in foreign countries. That company, which would not require proof of identity, would then facilitate the transfer of funds to an online payment company, akin to PayPal, that allows transactions over the Web. From there, the money would be sent to the pornography site, allowing the user access without risk of being named.

One such payment system singled out in the report is WebMoney, an online currency company based in Belize and widely used in Europe. WebMoney users can fund their accounts through a variety of means, including bank wires, money orders and cash deposits at authorized exchange offices around the globe.

WebMoney did not respond to repeated requests for comment.

Mark Schopper, a lawyer in Reno, Nev., has written about the use of alternative payment systems to facilitate money laundering through gambling sites. He said the use of a similar payment system for buyers of child pornography is granting them more cover.

“The government says that we don’t want people to have legitimate means to promote or pay for this kind of material, but the flip side of that is that if Uncle Sam were to let this alone, they could more easily track the consumers of this material through the credit card system,” Schopper said. “In the end, all they’re doing is pushing both industries further underground.”

Government efforts to disrupt alternative currency services have not proven successful, critics say.

In 2005, FBI agents raided the Florida offices of E-Gold, an online payment system whereby users convert currency into precious metals. Some company officials were indicted on charges of conspiracy, money laundering and operating an unlicensed money transfer business. They are accused of allowing the service to be used by criminals running financial scams and selling child pornography.

Cyber-crime experts and some law enforcement officials acknowledge that the scrutiny brought by the government’s case against E-Gold prompted child pornography consumers who were using the service to migrate to other payment systems.

“Once E-Gold was dealt with by federal law enforcement, another 50 to 60 online payment services suddenly popped up out of nowhere to fill the void,” said Tom Kellermann, chairman of the financial coalition’s technology group.

I can’t agree to this article. Your critic?

Post from: EveryJoe

Web Money Gets Hit Hard By Washington Post