Security News > 2023 > February > Spain, U.S. dismantle phishing gang that stole $5 million in a year
Spain's National Police and the U.S. Secret Service have dismantled a Madrid-based international cybercrime ring comprised of nine members who stole over €5,000,000 from individuals and North American companies.
The cybercrime gang specializes in online scams, employing social engineering, phishing, and smishing to collect sensitive victim details and then use that information to commit financial fraud.
The organization maintained over a hundred bank accounts in various Spanish banks, using them to deposit their criminal proceeds, withdraw cash from ATMs, send it to international accounts, or convert it to cryptocurrency.
As a result of the joint law enforcement operation, the police have arrested eight people in Spain and one in Miami, USA. In addition to the arrests, the police seized luxury items valued at €200,000 and froze assets worth over €500,000.
The criminals aimed to deceive the victims into revealing their confidential information, allowing them to perform online purchases or transfer funds directly from the victim's bank accounts to their own in Spain.
The police's announcement says the crooks stole nearly €5,000,000 from 200 individuals and companies in just a year.