DOJ indicts leaders of cybercrime ring that allegedly stole $530 million

DOJ indicts leaders of cybercrime ring that allegedly stole $530 million

United States authorities have charged 36 people after they bust an worldwide cybercrime ring that pilfered $530 million through identity fraud and malware.

Department of Homeland Security agents coordinated with law enforcement around the globe, including officials in Albania, Australia, France, Italy, Kosovo, Serbia, and the United Kingdom, according to Rybicki.

The alleged co-conspirators participated in an global cyber crime ring called Infraud, which facilitated the sale of stolen identities, credit card data, financial information, Social Security numbers and other personally identifiable information through an online discussion forum.

The US Department of Justice described the operation as "one of the largest cyber fraud enterprise prosecutions" it had ever undertaken.

A federal indictment was unsealed yesterday charging 36 for their alleged roles in the "Infraud" organization which is said to have caused over $530m in actual losses and $2.2bn in intended losses for financial institutions, merchants and individuals.

Prosecutors said the alleged crime ring operated through an internet forum called "Infraud".

In addition to 13 arrests in the USA, alleged Infraud members were arrested in six countries.

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There were administrators managing all operations and approving membership; moderators, who oversaw and moderated specific subject-matter areas; vendors, who sold illegal products to Infraud members; and, at the bottom, members who gathered information and facilitated their criminal activities.

As a result of an global investigation into Infraud's activities code-named Operation Shadow Web, five suspects have been arrested in the United States.

The indicted USA suspects are based in Alabama, New York and California.

Automated vending sites: "Automated websites that do require human intervention to function and that are used by Infraud members to purchase and sell illicit goods". Defendants named in the indictment also reside in Ivory Coast, Egypt, Ukraine, Bangladesh, the Russian Federation, Moldova, Macedonia and Pakistan.

In addition to facilitating the sale of stolen information, the department also alleged the network provided an escrow (temporary third-party) account so people could launder their proceeds using digital currencies including Bitcoin, Liberty Reserve, Perfect Money and WebMoney.

"Over the course of the Infraud Organization's seven-year history, its members targeted more than 4.3 million credit cards, debit cards and bank accounts held by individuals around the world and in all 50 (US) states". According to the indictment, the Infraud Organization allegedly was already responsible for $530 million in loses.

Infraud is said to have 10,901 registered members and was founded by Bondarenko, a 34-year-old Ukranian man.