Cyber Bank Robbers Target German Banks

October 2009: The BBC has reported on attacks made against German banks by cyber bank robbers.

The fraud is much more complicated than might usually be the case, and it signals a big step-up in complexity of online crimes and frauds.

It is reported that the gang is from the Ukraine and has managed to steal - in just 22 days - 300,000 euros!

To hide the money trail, the gang used unsuspecting job hunters - known as money mules - to effectively mass-launder the money.

It appears that the gang also used custom coding to mask the changes to victims online bank details and make the transfers for varying amounts that are within the limits of suspicious transactions. In other words, these are some clever people!

Something tells us that they might also be hard to catch...

We highly recommend that you read the story in full to get a better idea of what we - the general public and our financial institutions and lawmakers - are really up against.

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