€830,000 Online Banking Scam Uncovered

A report published today has highlighted the increasing threat posed by online banking scams in Spain, And what to do if you become a target.

The National Police have apprehended 207 individuals linked to a massive online banking fraud. This operation saw victims being deceived out of over €830,000.

Operation Against Money ‘Mules’

In a recent crackdown led by the Central Cybercrime Unit, the operation began in September of the previous year. This was initiated after a surge in online banking scams was observed across the nation. The culprits made phone calls, falsely representing themselves as bank officials.

Spoofing Tactics And Gaining Trust

Using advanced software, the fraudsters mimicked phone numbers from various banks. Posing as bank staff, they employed cunning ruses and manipulative tactics to win over their victims. Scammers used computer applications to spoof the phone numbers of different banks.

They called clients of the banks and posed as their employees. Through the use of false pretexts and social engineering techniques, gained the trust of the victims until they obtained the necessary information – including their passwords – to access their accounts.’

The Role Of  ‘Mules’

After securing the required details, these cybercriminals initiated numerous unauthorised fund transfers to accounts under their control. These accounts were primarily held by ‘mules’. ‘Once this information was obtained, the cybercriminals committed fraud, ordering a huge volume of unauthorized money transfers to other accounts controlled by them and that were in the name of “mules.”’

Financial Impact And Arrests

The scam’s aftermath revealed a financial loss exceeding £830,000. Following the identification of these ‘mules’, the operation culminated in the arrest of 207 individuals, all of whom were found to be integral to the scam’s financial operations.

Tips To Avoid Fraud

• -Do not provide personal or banking information by telephone or SMS; Your bank will never request personal information from you through these means.
• If you suspect that a call may be fraudulent, hang up directly and call the official number of your bank (or the one you usually contact) and not the phone number provided to you by the caller.
• Never provide passwords over the phone. If they tell you that they are calling you from an organisation or company, take note and contact them directly, verifying the authenticity of the caller, and the nature of the  call.
• Use the official applications of banking entities and never make payments or update data through links sent to you by email or SMS