The coordination of the US Secret Service and Spain’s National Police have taken down a cybercrime ring in Madrid. This phishing gang has nine members who allegedly stole €5 million from different individuals and North American firms.
Based on reports, cybercriminals are experts in online scams, phishing mechanics, smishing, and social engineering techniques. They use their expertise to acquire sensitive details from their targets and use them for financial fraud.
This cybercrime ring has hundreds of illicit bank accounts.
According to investigations, this cybercrime ring has retained more than a hundred bank accounts in several Spanish financial institutions. They used these accounts to deposit their profits, withdraw cash from ATMs, convert some money to crypto, or send funds to international accounts.
Fortunately, the joint operation from the two countries resulted in the arrest of eight individuals in Spain and one in the United States. In addition, authorities have confiscated multiple luxury items that reached about €200,000 and froze the group’s funds worth over €500,000.
The authorities explained that these threat operators contacted their victims in North America through SMS and phishing emails. Subsequently, they follow up their attempts with calls using spoofed numbers to create an impression of legitimacy.
These criminals primarily aim to deceive their victims into providing their sensitive information. Once a user gives the data, the actors could execute fund transfers or online purchases from the victim’s bank accounts to their account in Spain.
The joint operation’s announcement disclosed that the attackers stole about €5,000,000 from 200 victims and companies in under a year. However, there is evidence that the group has already stolen more than €7,000,000.
The primary suspect in this operation used a series of false identity documents to control over a hundred bank accounts where the gang kept the stolen funds. The actors accessed the attacker-controlled accounts under the names of other individuals, some cooperating with the threat group.
These cybercriminals constantly used their profits to travel across the United States and Europe, buy luxury items, and open additional bank accounts for their money laundering schemes.
