The head of an international criminal network behind thousands of online frauds has been arrested in a joint operation by INTERPOL and the Nigerian Economic and Financial Crime Commission ( EFCC) .
The 40- year-old Nigerian national , known as ‘ Mike’ , is believed to be behind scams totalling more than
USD 60 million involving hundreds of victims worldwide .
In one case , a target was conned into paying out USD 15.4 million . The network compromised
email accounts of small to medium businesses around the world including in Australia , Canada , India , Malaysia , Romania, South Africa , Thailand and the US, with the financial victims mainly other companies dealing with these compromised accounts .
Heading a network of at least 40 individuals across Nigeria, Malaysia and South Africa which both provided malware and carried out the frauds , the alleged mastermind also had money laundering contacts in China, Europe and the US who provided bank account details for the illicit cash flow .
Following his arrest in Port Harcourt in southern Nigeria , a forensic examination of devices seized by the EFCC showed he had been involved in a range of criminal activities including business e- mail compromise ( BEC ) and romance scams.
The main two types of scam run by the 40- year-old targeted businesses were payment diversion fraud – where a supplier ’ s email would be compromised and fake messages would then be sent to the buyer with instructions for payment to a bank account under the criminal ’ s control – and ‘ CEO fraud’.
In CEO fraud , the email account of a high - level executive is compromised and a request for a wire transfer is sent to another employee who has been identified as responsible for handling these requests . The money is then paid into a designated bank account held by the criminal .
‘Mike’ first came onto the law enforcement radar through a report provided to INTERPOL by Trend Micro , one of its strategic partners at the INTERPOL Global Complex for Innovation ( IGCI ) in Singapore. This , combined with actionable analysis and intelligence from Fortinet Fortiguard Labs in 2015, enabled specialists at the INTERPOL Digital Crime Centre , including experts from Cyber Defense Institute based at the IGCI , and the EFCC to locate the suspect in Nigeria , resulting in his arrest in June.
Abdul Chukkol , Head of the EFCC’s Cybercrime Section said the transnational nature of business e- mail compromise makes it complex to crack, but the arrest sent a clear signal that Nigeria could not be considered a safe haven for criminals.
“For a long time we have said in order to be effective , the fight against cybercrime must rely on public- private partnerships and international cooperation, ” said Mr Chukkol .
“The success of this operation is the result of close cooperation between INTERPOL and the EFCC, whose understanding of the Nigerian environment made it possible to disrupt the criminal organization ’ s network traversing many countries, targeting individuals and companies, ” added Mr Chukkol .
Noboru Nakatani , Executive Director of the IGCI warned that BEC poses a significant and growing threat , with tens of thousands of companies victimized in recent years .
“The public, and especially businesses, need to be alert to this type of cyber - enabled fraud , ” said Mr Nakatani .
“Basic security protocols such as two- factor authentication and verification by other means before making a money transfer are essential to reduce the risk of falling victim to these scams .
“It is exactly through this type of public and private sector cooperation that INTERPOL will continue to help member countries in bringing cybercriminals to justice no matter where they are , ” concluded Mr Nakatani .
The 40- year-old , along with a 38- year- old also arrested by Nigerian authorities, faces charges including hacking , conspiracy and obtaining money under false pretences . Both are currently on administrative bail as the investigation continues.
Source : PremiumTimes
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