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9 Scammers Busted for 5M Euro Phishing Fraud Ring

The network is alleged to have operated 100 bank accounts and stolen millions from American people and companies.

Dark Reading Staff

February 13, 2023

1 Min Read
Illustration of a phishing lure, a phony email message attached to a fish hook dangling in the water
Source: Philip Steury via Alamy Stock Photo

Nine suspects have been arrested — eight in Madrid and one in Miami — for their suspected participation in a cybercriminal organization accused of stealing more than 5 million euros from unsuspecting victims in less than a year.

The joint operation between the Spanish National Police and the US Secret Service traced the group's activities to more than 100 bank accounts created to collect stolen money, which they would then withdraw at cash machines, transfer abroad, or convert into cryptocurrency, the Spanish National Police said in an announcement of the takedown.

The ring targeted American people and companies with social engineering phishing emails and SMS text messages to gather sensitive data, then followed up with so-called "vishing" phone calls to collect the remaining information required to defraud victims.

The authorities of Panama, Spain, and the US seized assets belonging to the accused cybercriminals, including assets of more than a half-million euros and expensive watches estimated to be worth about 200,000 euros.

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Dark Reading Staff

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