U.S. and European law enforcement officials said on Thursday that they had dismantled a global organized cybercrime network, which used malware to steal banking login details in an attempt to pocket about $100 million from thousands of businesses.

A federal grand jury in Pittsburgh charged 10 members of the network, and other criminal prosecutions have begun in Georgia, Moldova, and the Ukraine, the European Union's (EU's) agency for law enforcement cooperation Europol said in a statement. Five Russian nationals charged in the indictment are on the run, the agency said, including the developer of the malware.

In what Europol called a “highly specialized and international criminal network,” the members—spread across Georgia, Moldova, Bulgaria, Ukraine, and Russia—sent spear-phishing emails to infect computers with malware, dubbed GozNym, designed to capture login details. That allowed the members to steal money from the bank accounts and launder the funds using U.S. and foreign bank accounts.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.