What is the Black Market and the Dark Web?
The technical definition of the Black Market, per the Corporate Finance Institute, “a black market refers to a marketplace or system of exchange that subverts official government regulations. Often referred to as the underground economy, it is economic transactions that are illegal or are non-compliant behaviors within a set of rules or laws.” The Black Market is also called shadow markets, illegal markets, and also includes the dark web. There are many sects to the Black Market with most being illegal trading of goods such as drugs, weapons, and wildlife trade.
Traditionally, exchanges are made with cash or, when referring to the dark web, are conducted with digital currency to prevent paper trails and detection. Many types of markets, defined by the nature of the goods sold, can involve human trafficking which is the largest illegal market, counterfeit goods, illegal gambling, illegal wildlife trade, and illegal mining and logging. The Dark Web, also included under the Black Market umbrella, is often seen and described as a “big bad wolf” figure that is impossible to access and filled to the brim with illegal activity and criminals. While it is certainly true that the dark web hosts a variety of criminal activity, the web is not as hard to access as it may seem to be. Many choose to use the dark web as a private browser only; however, if one is not careful and well-versed in how to protect your data and information, then there is a high chance you may face the following threats on the dark web:
- Malicious Software (aka malware)
- Government monitoring
- Scams
What happens when your information is stolen and sold?
After your information has been stolen, you can expect to have it up on the dark web fairly quickly. It is then sold to the highest bidder on auction sites who can then use it for various activities such as adopting your identity for white collar crimes. Your information can also be used to open credit cards in your name, scam your closest friends and family, and hack into other accounts. For an extra layer of protection, iDefend is an all-in-one protection plan for your digital footprint. They include a personal setup session to address any immediate concerns so you can feel at ease that your protection is set up correctly. Their U.S. based team of iDefend Advisors can help install, customize, and manage your protections for you so you do not have to worry about the $5 in your account. Learn more about our recommendation here: https://www.idefendhome.com/.
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