Home Cybercrime Interpol arrests Nigerian accused of $60 million cybercrime

Interpol arrests Nigerian accused of $60 million cybercrime

0

LAGOS, Nigeria (AP) — A Nigerian accused of scamming $60 million from companies around the world through fraudulent emails has been arrested after months of investigation, Interpol and Nigeria’s anti-fraud agency said Monday.

One company paid out $15.4 million, according to an Interpol statement.

The ringleader of a global scamming network, identified only as 40-year-old Mike, was arrested along with a 38-year-old accomplice in Nigeria’s oil capital, Port Harcourt, in June, the statement said. He is on administrative bail, which implies that officers do not yet have enough evidence to charge him.

The man is accused of leading a network that compromised email accounts of small and medium-sized businesses around the world including in the United States, Australia, India, South Africa and Thailand. The statement didn’t name any targets.

The network involved about 40 people in Nigeria, Malaysia and South Africa who provided malware and carried out the frauds, with money-laundering contacts in China, Europe and the United States providing bank account details.

A supplier’s email would be compromised and fake messages sent to a buyer with instructions for payment to a bank account under the network’s control, the statement said. Or an executive’s email account would be taken over and a request for a wire transfer sent to an employee.

Lawyer Gary Miller of the International Fraud Group said the amount was “minuscule, a drop in the ocean” in a cybercrime industry estimated to be worth $1 trillion to $2 trillion.

He said it is “quite unusual” to track down a cyber-criminal because “they’re usually protected by a few tens, if not hundreds, of zombie servers which hide their identity.” His group traces looted funds for individuals and companies.

Nigeria is notorious for Internet fraud. The U.S. Embassy says it receives inquiries every day from Americans who have been defrauded.

 

This article was written by Michelle Faul from The Associated Press and was legally licensed through the NewsCred publisher network.

Comments

comments

Online Degrees & Certificates In Cybersecurity

American Military University's online cybersecurity programs integrate multiple disciplines to ensure you gain the critical skills and management practices needed to effectively lead cybersecurity missions – from government or private industry. Learn from the leader. American Military University is part of American Public University System, which has been designated by the National Security Agency and the Department of Homeland Security as a National Center of Academic Excellence in Cyber Defense Education.

Request Information

Please complete this form and we’ll contact you with more information about AMU. All fields except phone are required.

Validation message here
Validation message here
Validation message here
Validation message here
Validation message here
Validation message here
Validation message here
Validation message here
Validation message here
Ready to apply? Start your application today.

We value your privacy.

By submitting this form, you agree to receive emails, texts, and phone calls and messages from American Public University System, Inc. which includes American Military University (AMU) and American Public University (APU), its affiliates, and representatives. I understand that this consent is not a condition of enrollment or purchase.

You may withdraw your consent at any time. Please refer to our privacy policy, terms, or contact us for more details.