Security News > 2023 > May > Spanish police dismantle phishing operation linked to crime ring
The National Police of Spain have arrested two hackers, 15 members of a criminal organization, and another 23 people involved in illegal financial operations in Madrid and Seville for alleged bank scams.
The cybercrime operation is an email and SMS-based phishing campaign that allegedly scammed over 300,000 people and resulted in confirmed losses of at least 700,000 euros.
The hackers monitored the entered data in real-time using phishing panels, moving quickly to use the stolen data to request loans, link new verification phone numbers to the compromised accounts, and link the cards to virtual crypto wallets under their control.
The police say parallel cash-out systems involved hiring money mules to receive the money through bank transfers, withdrawing it from ATMs, and using PoS terminals belonging to shell online e-commerce businesses to make false purchases.
The Spanish police are currently working with international partners to locate all stolen amounts and assets derived from crime and potentially recover stolen payments.
In the case of Trinitarios, the Spanish police say the group used money acquired through phishing to cover its legal and operational expenses.