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Spain’s National Police and the United States Secret Service have busted a Madrid-based international cybercrime ring of nine members who stole over €5 million from individuals and North American businesses.
The cybercrime gang specializes in online scams, using social engineering, phishing, and smishing to collect sensitive victim information before committing financial fraud.
The organization had over a hundred bank accounts in various Spanish banks, which they used to deposit criminal proceeds, withdraw cash from ATMs, send to international reports, or convert to cryptocurrency.
As a result of the joint law enforcement operation, eight people were arrested in Spain and one in Miami, Florida. Aside from the arrests, the police seized luxury items worth €200,000 and froze assets worth more than €500,000.
Cybercriminals used spear phishing techniques and SMS to contact individuals and businesses in North America. They then called back using a spoofed number to make it appear as if the caller was legitimate.
The criminals intended to dupe the victims into disclosing confidential information, allowing them to make online purchases or transfer funds directly from the victim’s bank accounts to their own in Spain.
According to the police announcement, the crooks stole nearly €5,000,000 from 200 individuals and businesses in just one year. However, some indications indicate that the total amount stolen may be more significant than €7,000,000.
The main suspect used several false identification documents to access over a hundred bank accounts where the stolen funds were deposited. These accounts were opened in other people’s names, some directly involved with the crime ring, while others were unwitting victims.
The cybercriminals then used the proceeds to travel extensively throughout Europe and the United States, acquiring luxury items and opening additional bank accounts to aid in money laundering.
The operation has allowed the complete disarticulation of the criminal organization, with the arrest of all its members – eight in Madrid and one in Miami- and the seizure of numerous objects of great value. On the other hand, agents have also blocked 74 bank accounts, freezing assets for more than 500,000 euros. At the registered address they located an area where they stored the fraudulently acquired merchandise or through the funds from the scams, in such a way that it looked like a luxury goods store.
According to Spanish authorities, cybercrime in the country is on the rise, with one out of every five crimes now taking place online.
In 2022, the police in Spain recorded 375,500 cases of cybercrime, a 72% increase over 2019 and a 352% increase over 2015.
According to the police, one clear sign of fraud is when the caller places the victim on hold each time they provide the requested information, as they are using that information to commit money transfers in real time while speaking with the victim.
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Gabriella is the Social Media Manager and Cybersecurity Communications Officer at Heimdal®, where she orchestrates the strategy and content creation for the company's social media channels. Her contributions amplify the brand's voice and foster a strong, engaging online community. Outside work, you can find her exploring the outdoors with her dog.
