Feeds

UK court dishes out 13 years' porridge to e-fraudsters

Cyber-cops: £1m phishermen had 40 bogus bank sites

Securing Web Applications Made Simple and Scalable

Three fraudsters have been jailed for a combined total of 13 years and six months over their involvement in a sophisticated phishing fraud against UK and international banks.

Ayodeji Kareem, 38, Vincent Alonge, 31, and Babatunde Fafore, 41, were all jailed at a hearing at Snaresbrook Crown Court on Friday. All three defendants, who were arrested in August 2010 in raids in the UK and Ireland, had pleaded guilty to fraud back in May. Kareem was jailed for five years and five months, while Alonge was sent down for two years. Fafore was jailed for five years and seven months.

Together the trio participated in a crime that affected tens of thousands of victims and resulted in losses of millions of pounds.

Investigators reckons the frudsters compromised more than 900 bank accounts and 10,000 credit cards, raiding £599,000 from compromised banks accounts and stealing £570,000 from stolen credit cards in the process. The conmen harvested bank login details and other sensitive information after setting-up 40 bogus bank web-pages, promoted using spam emails. Attempted fraudulent transfers and transactions exceeded £4.2m.

Financial investigators are continuing attempts to unravel the fraud and confiscate the proceeds of the scam.

The case, codenamed Operation Dynamophon, was investigated by officers from the Met's Police Central e-Crime Unit. Irish police arrested Fafore, who was resident in County Cavan at the time of his arrest last year. Four further individuals arrested at the time of the original operation were released without charge.

In a statement, DI Colin Wetherill, Police Central e-Crime Unit, said: "In collaboration with law enforcement colleagues and industry partners both in the UK and overseas, we are working to identify and bring to justice those committing serious and organised offences of this nature online, and to reduce the harm they cause to innocent individuals and to the economy. These convictions represent a significant step forward.

"However, we all have a role to play in the protection of our private information and we would urge the public to exercise great care when supplying their personal details online, and to take the advice given at www.getsafeonline.org". ®

The smart choice: opportunity from uncertainty

More from The Register

next story
Putin: Crack Tor for me and I'll make you a MILLIONAIRE
Russian Interior Ministry offers big pile o' roubles for busting pro-privacy browser
Mozilla fixes CRITICAL security holes in Firefox, urges v31 upgrade
Misc memory hazards 'could be exploited' - and guess what, one's a Javascript vuln
Manic malware Mayhem spreads through Linux, FreeBSD web servers
And how Google could cripple infection rate in a second
How long is too long to wait for a security fix?
Synology finally patches OpenSSL bugs in Trevor's NAS
Don't look, Snowden: Security biz chases Tails with zero-day flaws alert
Exodus vows not to sell secrets of whistleblower's favorite OS
Roll out the welcome mat to hackers and crackers
Security chap pens guide to bug bounty programs that won't fail like Yahoo!'s
HIDDEN packet sniffer spy tech in MILLIONS of iPhones, iPads – expert
Don't panic though – Apple's backdoor is not wide open to all, guru tells us
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.