Underground economy
The underground economy consists of all trade that occurs without detection by government so that commerce and income are not taxed. This market includes not only trade in legally-prohibited goods and services (such as drugs and prostitution), but trade in legal goods and services when income is not reported and consequently taxation is avoided. The term underground economy typically is not used to refer to trade in stolen goods or other coercive activities, which may more appropriately fall under the definition of the "black market." Underground economy transactions are typically cash transactions to avoid traceability by governments.
Related Topics:
Trade - Taxed - Black market - Cash
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Some estimates of the size of the underground economy in the U.S. alone range to up to $1 trillion.
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The underground economy, when trading decisions are not the result of coercion, is arguably a free market, since, by definition, it lacks government intervention.
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Latest news on underground economy
Symantec Report Details Cyber-crime's Rise
Cyber-crime and the online underground economy are booming as more and more SMBs turn to online stores and services to cut costs. From data encryption to regular password changes, midmarket companies may find it necessary to beef up security standards. - While the economy lurches from one day to the next and incidents of real-life piracy increase off the coast of Somalia, Symantec's quot;Report on the Underground Economy quot; illuminates an online underground that has matured into an efficient global marketplace for stolen goods and fraud-relat...
Underground Economy for Stolen Data Thriving, Symantec Says
In a new year-long study, Symantec took a look at the black market for stolen credit cards, banking information and other goods. According to the report, the overall value of the goods observed by Symantec to the traders is around $276 million, but the potential value for cyber-thieves stretches into the billions. - Big bucks are being made in the black market for stolen data, according to a report from Symantec. Researchers at Symantec turned the spotlight on the underground market for stolen data in a new year-long study that uncovered black market traders advertising stolen data at prices totaling more tha...
Booming cybercrime economy sucks in recruits
Eastern European milk run The underground economy is booming even as the rest of the economy lurches towards recession, according to a new study by Symantec.?
Symantec says Internet underground economy is organized and rich
Symantec's Report on the Underground Economy details cheap cyberattack tools, high price tags for bank account information, and software piracy trends.
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