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U.S. Announces Crackdown of Cyber Theft Ring

The U.S Justice Department announced indictments this past Wednesday for thirty-six people accused of running a trans-national cyber theft ring stealing and selling credit card as well as personal identity data resulting in $530 million in losses.

Thirteen perpetrators of the Infraud Organization were arrested in the United States, Australia,  Italy, U.K, France, and Serbia. cryptobuzz

Created in Ukraine in 2009 by Svyatoslav Bondarenko, Infraud was a central hub for card fraud, heralding itself with the motto “In Fraud We Trust.”

Members could buy and sell card and personal data for use to buy goods on the net, defrauding the card issuers, card owners, and even vendors.

Infraud operated automated vending websites to make it simpler for someone to buy card and identity data. It had over ten thousand approved members registered to buy and sell with them in 2017, and even maintained a rating and feedback system.

The group operated moderated web forums to share tips among members, they also operated an escrow service for payments in digital currencies like Bitcoin, the Justice Department indictment said.

“As alleged in the indictment, Infraud operated like a business to facilitate cyberfraud on a global scale,” said Acting Assistant Attorney General John Cronan.

The Russian co-founder Sergey Medvedev has been the sole person arrested, according to US officials.

The known network of indicted Infraud leaders included people from the U.S.A, France, U.K, Egypt, Pakistan, Bangladesh, Australia, and Canada.

 

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