Security Researchers Expose Brazilian Cybercrime Ring
by: Bryon Turcotte / July 4, 2014
According to a recent article published on the ABC News website, researchers at a security firm have released a report that has uncovered a "massivecybercrimering_" located in Brazil. Furthermore, thearticleindicates that thecriminalorganization may be responsible for stealing "_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._" Thearticleclarifies 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 thearticle, 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.