In line with a recent report by native reporting media ‘La Verdad’, Span’s police arrests 35 individuals for allegedly counterfeiting banking cards and money laundering the ‘proceeds‘ via using Bitcoin’s [BTC].
As per the report, the organization held over €600,000 [around $674,000 USD] and has laundered over €1 million [around $1.2 Mln] using bitcoin. Moreover, the Command of Alicante reportedly resolved a whole sum of about 1,020 linked cybercrimes via the operation. The alleged actions of the suspects -who are from Guinea, Spain, Nigeria, Cameroon and Morocco – had over 219 victims within Spain, with around additional 20 in Israel, Denmark, Germany, France & Greece.
In line with the report, the law enforcement noticed the illicit use of 104 banking cards within Spain along with 12 other countries. The investigations were then spurred by a case filed by a car rental firm that observed unauthorized use of their banking cards on its online services.
The cluster allegedly operated in 3 totally different ways: phishing via mail [pretending to be a trustworthy individual, asking for personal banking details], cloning the physical cards, or accessing details from credit card receipts in what’s usually referred to as ‘credit card bin fraud‘ attack.
The cluster reportedly paid at hotels, flights, train tickets and rental vehicles with the cards obtained this fashion, ordering them for its customers for very lower costs. Companies below the group’s management situated in Estonia, U.K. & Finland bought bitcoin with the profits.
Also at the same time, the law enforcement agencies are also taking ‘strict actions‘ against cryptocurrency anonymization services referred to as cryptocurrency mixers, or tumblers.