U.S. takes down global cyber crime ring that looted over $530 million

by Ben Pena February 8, 2018, 6:14
U.S. takes down global cyber crime ring that looted over $530 million

An federal indictment unsealed February 7 charged 36 people from Ukraine to Los Angeles on suspicion of large-scale acquisition and sale of stolen identities, compromised credit cards, financial information, computer malware and more.

The other defendants remain at large and the investigation is still ongoing, deputy assistant attorney General David Rybicki told reporters on a conference call.

According to the indictment, Infraud members held defined roles within the organisation's hierarchy.

"We discuss at length the structure of the organisation and the hierarchical organisation that it had in terms of administrators and vendors and other members like Okeakpu who were moderators of certain forums that were featured on the website".

The US Justice department has filed an indictment in the US District Court against Australian Edgar "Guapo" Rojas and 35 others, describing it as one of its largest cyberfraud prosecutions.

Prosecutors claim that the scammers aimed to inflict losses of $2.2 billion in stolen revenue.

United States investigators estimate the site's members meant to cause $2.2 billion worth of damage, but actual losses amounted to over $530 million.

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"They advertised services that facilitated these activities and related, illicit financial transactions; and they disseminated malware", he said.

USA authorities believe as of March 2017 there were 10,901 registered members of the Infraud Organization.

Members used the forum to co-ordinate and commit online crimes including identity theft, bank fraud, wire fraud and computer crimes, he said.

The collaring of just over a third of the group's leadership involved agents from the US Department of Homeland Security working in junction with law enforcement agencies in Albania, Australia, France, Kosovo, Italy, Serbia, and the United Kingdom.

"This case reflects the alarming and increasing threat posed by cyber crime".

"The Department of Justice refuses to allow cybercriminals to hide behind the anonymity of the web while stealing personally identifying information, emptying bank accounts, and wreaking havoc on our nation's digital infrastructure and financial system".

The City of London Police are credited alongside other worldwide police forces for "siginificant efforts and timely cooperation".

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