The Spanish National Police have arrested 40 people in Madrid and Seville for illegal financial operations and phishing attacks. Among them are two hackers, 15 members of a criminal organization and 23 others accused of bank fraud.
The criminal organization relied on phishing attacks via emails and SMS, which allegedly defrauded over 300,000 people and led to confirmed losses of at least 700,000 euros.
Phishing attacks are a major threat to cybersecurity and affect both businesses and individuals. Scammers can use various techniques to trick victims into giving up vital information.
" 40 people were arrested, accused of participating in a criminal organization, bank fraud, document forgery, identity theft and money laundering ," the police statement said
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Card theft
The police investigation revealed that members of the Trinitarios allegedly used stolen credit cards to purchase crypto, which was then exchanged for fiat money.
The card details were stolen by victims who received phishing messages on their phones . The messages stated that a security issue with their bank accounts needed to be resolved. The victims would click on the link in the SMS to visit a phishing site that looked like a legitimate banking portal. There, they would enter their account credentials
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According to police, the stolen money was used for various purposes, including financing the group, purchasing drugs and weapons, financing meetings, paying lawyers and sending money to gang members in prison. The remaining money was sent to the Dominican Republic, where other members of the group used it to buy real estate.
Spanish police are currently working with international partners to identify all stolen funds and assets related to the criminal group and to recover some amounts if possible.
Cybercrime as a new revenue stream
Organized crime gangs have turned to cybercrime to gain more revenue.
Spanish police say the Trinitarios group used money it earned through phishing to cover its legal and operational expenses.
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In September 2021, a coordinated operation by Europol law enforcement authorities dismantled an extensive network of cybercriminals linked to the Italian mafia. The fraudsters had managed to steal over 10 million euros ($11.7 million) through SIM swapping and BEC attacks.
Source: www.bleepingcomputer.com
