Update: Hushpuppi Pleads Guilty

Update: Hushpuppi Pleads Guilty

In January, I published a commentary in The Wall Street Journal discussing the phenomenon of Ramon Abbas, a person well-known on Instagram as “Hushpuppi.” Hushpuppi was charged last July with participating in a global crime network responsible for laundering millions of dollars, using “business email compromise” (BEC) frauds and other scams – including laundering millions for hackers based in North Korea. Hushpuppi loved to post photos of himself in private jets and at his penthouse apartment at the Palazzo Versace Dubai and wearing Rolex watches and Gucci clothes for his more than 2 million followers.

?Here is the update: Hushpuppi pleaded guilty in the U.S. to laundering money "through bank accounts around the world," including "several other cyber and business email compromise schemes that cumulatively caused more than $24 million in losses." Abbas now faces up to 20 years in prison and is awaiting sentencing.

?According to public reports, Dubai Police raided his home last year and found nearly $41 million in cash, 13 luxury cars (valued at almost $7 million), and online files with the addresses of nearly two million possible victims.

For me, Hushpuppi symbolizes the global market for crime today, including cybercrimes and even ransomware. His story embodies the democratization of crime enabled by technology. Without a college degree or computer science background, he coordinated a network of people, many working from home, to use their bank accounts to “cash out” laundered money. Today, with hackers for hire across the deep and dark web, open source malware, and “bulletproof” cloud providers, one does not need to be a computer or tech expert to steal millions of dollars.??

If Hushpuppi is a symbol, then what’s the lesson? Professionals working in financial institutions, law enforcement and other government agencies around the globe must compete against criminals as they compete in the market against us and other criminals: by employing the most cutting-edge AI/ML technologies. If you think you don’t possess the technical skills to engage in this battle to identify fraud, counter human trafficking, and diminish the explosive growth in ransomware, just remember Hushpuppi:? no tech or coding skills required.?

How can non-technical professionals understand and adopt Machine Learning and AI? See the link to my American Bankers Association article here:? https://blog.giantoak.com/blog/artificial-intelligence-and-the-future-of-bank-compliance