Online Fraud - Police Agencies Recover Stolen $Millions
US and EU law enforcement agencies have separately announced major take-downs of cyber crime networks that had defrauded people of $billions.
Law enforcement agencies in Singapore and Thailand, as well as Microsoft, were amongst the organisations that helped with the investigation.
Both the US Department of Justice (DoJ) and Europol each claimed their operations were the biggest bust of a botnet in the world and the DoJ said Mr Wang is accused of using a botnet to hack into more than 19 million devices across almost 200 countries.
A court-authorised international law enforcement operation led by the US Justice Department disrupted a botnet used to commit cyber attacks, large-scale fraud, child exploitation, harassment, bomb threats, and export violations. The US has arrested a 35-year-old Chinese national YunHe Wang and seized assets including an expensive sports car, luxury watches and 21 properties. The Chinese man, YunHe Wang, is accused of helping assemble a vast network of infected computers, known as a botnet, that was used to carry out bomb threats, send child exploitation materials online and conduct financial fraud, amongst other schemes. The DoJ said Mr Wang is accused of using a botnet to hack into more than 19 million devices across almost 200 countries.
Cyber criminals used the botnet to submit tens of thousands of fraudulent applications for US federal relief during the Covid pandemic, costing an estimated $20 million.
Meanwhile, Europol has made four arrests they also said that 8 criminals are now on the run and they will be added to European police forces' "most wanted" list. Cyber criminals use so-called botnets to take over peoples' computers and install malicious software. This software can then be used to collect data from a computer, send spam or even delete person data without the owner's knowledge.
Nicole Argentieri, principal deputy assistant attorney general at the DOJ commented "Wang created malware that compromised millions of residential computers around the world and then sold access to the infected computers to cyber criminals." She said criminals used this access to conceal their identity and "anonymously commit a wide array of offenses". These include fraud, child exploitation and harassment, and bomb threats.
It is estimated that more than 500,000 fraudulent unemployment insurance claims were sent from computers under his control, resulting in a loss of more than $5.9bn (£4.6bn).
The DOJ accused Mr Wang of using the proceeds to buy $60m worth of luxury assets, and said it had seized a Ferrari, a Rolls-Royce, two BMWs and several watches, as well as bank accounts and crypto-currency wallets. He also bought property in the US, St Kitts and Nevis, China, Singapore, Thailand and the United Arab Emirates, it said. Mr Wang has been charged with conspiracy to commit computer fraud, substantive computer fraud, conspiracy to commit wire fraud and conspiracy to commit money laundering. If convicted on all counts, he faces a maximum penalty of 65 years in prison.
Europol said it had arrested the ringleaders of several cybercrime networks that used botnets. It has made arrests in Armenia and Ukraine and taken down servers across the world including in the UK, the US and Germany. More than 2,000 websites are now controlled of European law enforcement agencies.
Europol said one of the main suspects had made more than €69 million (£58m) in crypto-currency using ransomware, installing software that makes it impossible for a person to access their computer unless they pay a fee. The malicious software got on peoples' devices mainly through through phishing attempts - such as the kind of emails people are advised not to click on - and compromised websites.
Europol said the investigate, named Operation Endgame, is ongoing and it has plans for future arrests with further police action are to be announced.
DoJ | Europol | BBC | CNN | AU.News | AoL | ABC
Image: Europol
You Might Also Read:
DIRECTORY OF SUPPLIERS - Fraud Detection & Prevention:
___________________________________________________________________________________________
If you like this website and use the comprehensive 7,000-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.
- Individual £5 per month or £50 per year. Sign Up
- Multi-User, Corporate & Library Accounts Available on Request
- Inquiries: Contact Cyber Security Intelligence
Cyber Security Intelligence: Captured Organised & Accessible
