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Eight charged with $9m fraud

Published on 12 Nov 2009 under category: legal

Eight people have been charged with alleged fraud crimes worth $9 million (£5.4 million).

The group is accused of stealing this money across a 12-hour period.

It is thought that this was achieved through a sophisticated computer fraud which stole from ATM machines across 280 countries in November of last year.

The eight members of the group have been charged in the US, with the indictment claiming that the money was stolen through the compromising of Royal Bank of Scotland's encryption service.

Sally Quillian Yates, a US attorney, said: "Last November, in just one day, an American credit card processor was hacked in perhaps the most sophisticated and organised computer fraud attack ever conducted."

Earlier this week, David Aminzade, director of sales for northern Europe for Tufin, claimed that the security systems of many companies are "like spaghetti junction", which could possibly leave them open to exploitation by fraudsters.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.