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Security Researchers Expose Brazilian Cybercrime Ring Featured Image

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 "massive cybercrime ring_" located in Brazil. Furthermore, the article indicates that the criminal organization 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._"  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.

Written by Bryon Turcotte  /  July 4, 2014