The Center for Education and Research in Information Assurance and Security (CERIAS)

The Center for Education and Research in
Information Assurance and Security (CERIAS)
Center for Education and Research in Information Assurance and Security

Stephen Flowerday - Augusta University

Students: Fall 2025, unless noted otherwise, sessions will be virtual on Zoom.
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Wednesday, Nov 19, 2025 04:30pm - 05:30pm ET
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The Hidden Laundromat at Play: how illicit value moves through online games

Nov 19, 2025

Abstract

Online video games have evolved into vast financial ecosystems where real and virtual value mix at scale. This presentation shows how these spaces serve as efficient laundering channels, converting illicit funds from organized crime, sanctions evasion, terrorist financing, and digital fraud into assets that appear legitimate. Illicit value typically enters via card not present transactions, stolen digital wallets, and scam revenues before it is routed into platform marketplaces. From there, funds convert into tradeable virtual assets such as cosmetics, currencies, loot boxes, and content bundles, which can be divided into thousands of rapid microtransactions. Widely cited estimates place illicit financial flows at 2 to 5 percent of global GDP (roughly $800 billion to $2 trillion a year), while in game spending will reach $74.4 billion in 2025, providing liquidity, speed, and plausible deniability.

About the Speaker

Stephen Flowerday
Stephen Flowerday is a Professor in the School of Computer and Cyber Sciences at Augusta University. His research focuses on cybersecurity management, cybercrime, behavioral information security, and human-centric cybersecurity at the intersection of technology, processes, and people. His work has been supported by IBM, THRIP, the NRF, SASUF, Erasmus, and GMRDC. He serves as an associate editor and frequent reviewer for leading journals and conferences, and has reviewed grants for the Israeli NSF, the South African NRF, the U.S. NSF, and Bahrain's DHE.


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