ISIS funded by kidnapping ransoms, source says

By Anna Norris

ISIS funded by kidnapping ransoms, source says

August 21, 2014 Updated Aug 21, 2014 at 1:44 PM EDT

(WBNG Binghamton) The majority of the funding for the Islamic State of Iraq and Syria (ISIS) is coming from extortion and "multiple kidnappings for ransom," a source told CBS News.

The group typically kidnaps citizens of European countries. Recently, a Scandinavian corporation paid $70,000 for the return of a kidnapped employee, according to CBS.

ISIS militants had demanded a ransom for James Foley, an American journalist who was abducted in 2012. The extremist group released a video of his execution Tuesday.

CBS has the full story here.

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