Criminals rapidly migrating to new digital Currency 'Perfect Money' after Liberty Reserve takedown

There are so many ways to move money anonymously on the Internet and US Justice Department has declared war on currencies widely used by cyber criminals.

Just after the Law Enforcement in 17 countries shuts down ‘Liberty Reserve’, a $6 billion digital money laundering operation, now the criminals is switching to another online currency called “Perfect Money”.

Perfect Money, another private digital currency that has emerged to meet the demand of Criminals and hackers, those buying and selling kit anonymously and being used by people selling stolen credit cards in Internet hacker forums recently.

Fraudsters are rapidly migrating to Perfect Money and it allows users to transfer money anonymously by purchasing and exchanging the proprietary currency for dollars, euros and gold.

These virtual currencies are often linked to bitcoin because it has also been used by criminals. It was thought Bitcoin would be a handy replacement for Liberty Reserve. Bitcoin’s open-source cryptography model, which maintains records of every single transaction and fairly transparent, but Bitcoin is also Anonymous currency, that keep a person’s real identity separate from his or her digital address.

Since the US government has shown an interest in regulating Bitcoin and the exchanges that help it operate, it has become a less attractive proposition for criminals.