In a joint operation Spain's National Police and the US Secret Service have dismantled an international criminal ring that stole more than 5 million euros from individuals and North American organizations through a sophisticated cyber scam.
An investigation into the gang began following a complaint from a card processor due to the fraudulent use of two of its cards, belonging to a US citizen.
The cybercrime gang used social engineering, phishing and smishing techniques to collect sensitive data from potential victims and then contacted them via a phone call using a spoofed number to obtain the rest of the data needed to commit financial fraud.
The gang created more than a hundred accounts in various Spanish banks using them to deposit stolen funds, withdraw money from ATMs, send it to international accounts, or convert it to cryptocurrency. According to National Police, the fraudsters stole over 5 million euros from more than 200 victims, although the authorities say there are some indications that the total stolen amount may exceed 7 million euros.
The police arrested nine suspected members of the group in Madrid and Miami, including its leader, a Nicaraguan citizen who arrived in Spain from Panama.
During the raids, the police have seized luxury items valued at 200,000 euros and froze assets worth 500,000 euros.