Feeds

Korean loan sharks feed on hacked data

Alleged ringleader flees to China

Choosing a cloud hosting partner with confidence

Korean police are hunting a loan broker thought to have fled to China after allegedly fencing nine million credit records.

Police are working on the theory that Korean financial data files obtained by a Chinese hacker were resold by a 42-year-old go-between, named only by his surname Chun. The suspected crook, charged with raking in SouKorean Won 2.7bn ($2.67m), is reckoned to have high-tailed it to China before police could slap on the cuffs. Another suspect, 29-year-old Im, has also bolted.

Korean police arrested six of Chun's alleged accomplices including a 42-year-old suspect named as Shin, who ran a "loan mediating company". The gang allegedly bought personal data files obtained after a Chinese hacker broke into the systems of Korean banks, loan firm and internet shopping malls for Won 15m ($14,900) in May 2006. The information included names, addresses and residency card numbers. The majority (4.8 million) of the records were obtained from banks.

Instead of using this information to obtain credit cards or lines of credit under assumed names as in regular ID fraud, the gang used it as a marketing database. Members of the gang phoned up likely targets on behalf of local loan sharks. Chun's gang allegedly charged five to 15 per cent commission per deal, earning them Won 2.5 billion through an estimated 1,100 agreements. Chun is also accused of selling on the data he bought to another shady loan operation for a further Won 220m.

The English language version of Korean website Chosun Ilbo has more details here. ®

Internet Security Threat Report 2014

More from The Register

next story
FYI: OS X Yosemite's Spotlight tells Apple EVERYTHING you're looking for
It's on by default – didn't you read the small print?
Russian hackers exploit 'Sandworm' bug 'to spy on NATO, EU PCs'
Fix imminent from Microsoft for Vista, Server 2008, other stuff
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
Microsoft pulls another dodgy patch
Redmond makes a hash of hashing add-on
'LulzSec leader Aush0k' found to be naughty boy not worthy of jail
15 months home detention leaves egg on feds' faces as they grab for more power
China is ALREADY spying on Apple iCloud users, claims watchdog
Attack harvests users' info at iPhone 6 launch
Carders punch holes through Staples
Investigation launched into East Coast stores
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.