Security Researchers Expose Brazilian Cybercrime Ring

Researchers at a security firm have released a report which has uncovered a “massive cybercrime ring” located in Brazil, according to a recent article published on the ABC News website. The article indicates that the criminal organization may be responsible for the theft of  “billions of dollars from a widely used online payment system.”

The report, released Wednesday by the RSA Security division of EMC Corp, was noted in the article to say that “a malware-based fraud ring had infiltrated the online payment method known as the boleto, diverting payments to accounts held by members of the ring.”  The article clarifies that this payment method is “used in a wide range of transactions, such as telephone, school tuition, mortgage and credit card payments.”

Researchers say that this “scheme” – launch by the group –  “may have compromised close to 500,000 transactions with an estimated value of $3.75 billion over a two-year period” but, according to the article, could not confirm “how many of those boletos were paid by victims or whether they went to fraudster-controlled bank accounts.”  The report did say that “transactions of 34 banks were affected” but could not identify the banks by name.

Read more about this cyber-criminal organization in the full ABC News article and how authorities are prepared to move forward to deal with future transactions and compromising attacks.

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