Home NEWS Costa Blanca Bank Scammed of €950,000 by Online Fraudsters

Costa Blanca Bank Scammed of €950,000 by Online Fraudsters


A Bank in Spain’s Costa Blanca was tricked into handing out a €950,000 personal loan by online fraudsters

A cyber scam that raked in almost a €1million has led to the arrest of six individuals in the Benidorm and Aspe regions of Alicante province. The group, consisting of Spanish nationals aged between 24 and 32, were computer fraud specialists who gained unauthorized access to an Elche bank’s computer systems and secured a €950,000 personal loan.

The Nacional Poice intervened upon receiving the bank manager’s complaint and uncovered a well-organized criminal ring that victimized at least 51 people and controlled over 60 bank accounts. The gang utilized online trading sites to steal bank passwords and also pretended to be bank call centre employees to acquire PIN numbers and passwords from their targets.

To launder the stolen money, the gang opened Spanish and foreign bank accounts and converted the cash into cryptocurrencies. The mastermind remained anonymous to his subordinates and communicated only online with other group members, including “mules” who laundered the stolen money in exchange for a percentage of the profits.

Following the arrest, the police conducted a search of the suspects’ residences and confiscated a significant amount of computer equipment, credit cards, cryptocurrencies, and counterfeit documents.

Cybercrime is on the increase

With the rise of technology and the internet, more and more people are becoming connected, and this has created new opportunities for cybercriminals. The COVID-19 pandemic has further exacerbated the problem as more people have shifted to remote work, online shopping, and virtual communication, leaving them more vulnerable to cyberattacks.

Cybercriminals are using sophisticated techniques to gain unauthorized access to personal and corporate networks, steal sensitive data, spread malware, and launch other malicious activities. Additionally, the increasing use of cryptocurrencies and other digital payment methods has provided cybercriminals with additional means to carry out their illegal activities while remaining anonymous.

As technology continues to evolve, it is likely that cybercrime will remain a significant threat, and it is essential to take proactive steps to safeguard against it.

Read more about cybercrime: Couple in Malaga carried out smishing scams

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