Banks in Europe, Latin America, and the United States have fallen victim to a new ring of cyber criminals. The ring built a cloud-based fraud system that targeted bank accounts with around $300,000 to $600,000 and tried to transfer as much as $130,000 to fake business accounts. It has been estimated that these fraudsters stole between $75 million to $2.5 billion. The scam began with an e-mail that was disguised to look like it came from the victim’s bank. When the recipient clicked on a link in the message, the malware would be downloaded and later use web-injects (fake pages or form fields launched while a person is on an online banking site) to steal the information that was needed to do the fund transfers.

Fraud expert Linda Webb, aka The Fraud Dog says that fraudsters are more sophisticated than ever, building a fraud based cloud system. This is only the beginning of what is coming in the future in the complex world of cyber crime. Stealing data is the #1 most valuable crime for the fraudster. Large quantities of data can mean millions of dollars to fraudster. There will be a huge need for sophisticated fraud experts to keep up with these complicated fraud scams. Fraudsters stay ahead of the latest technology and trends. They prey upon the unknowing and new technology has vulnerability points that have not been detected. We must be vigilant in our fight against these highly advanced criminals says Linda Webb, The Fraud Dog.

 

To report potentially fraudulent activity, contact Linda Webb aka The Fraud Dog, leading fraud expert at 1-855-FRAUD-DOG.

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