This supposedly started in 2011, when many accounts in banks like: Citibank, JP Morgan Chase, PayPal, the U.S. Military Defense Finance and 11 other banks had their accounts compromised. Once within these reports, the hackers set up a payment that was delivered to a number of prepaid card debit cards. The prepaid cards were subsequently employed by an accomplice (aka"cashers" or"cash mules") to create ATM withdrawals or purchases to convert the card to money.
From here, the cashers took a little cut for themselves, while sending the majority of the cash for their company using a cable transfer.
They were able to prevent detection for quite a while by maintaining the transports under the 10,000 threshold determined by the anti-money laundering legislation of the U.S. But they habitually made payments of $9,900. A $10,000 trade sends up a large red flag, a $9,900 trade sends up a bigger red flag. It's these multiple $9,900 amount transfers alongside a Gmail accounts the defendants utilize to spoke with other people about the strategy that has been their downfall. Besides the conversation about the strategy, you will find many mails within this account that detailed the transfers to and from lots of the banks.Currently just four (4) of the eight (8) defendants have been in custody, another four (4) remain at large. They're charged with: conspiracy to commit wire fraud, conspiracy to commit money laundering, and conspiracy to commit identity theft. If convicted, all these defendants will face massive finesup to 55 years in prison.
These eight managed to hack in these banks remains unclear, but there's yet another instance referred to as the Trident Breach that used similar practices. Hackers utilized a computer virus called"ZeuS" to hack over 400 distinct businesses and associations, making off with more than 70,000,000 (Seventy Million Dollars). This virus aided the perpetrators access the victim's bank account. They'd then syphon off the cash and move it to bank account due to their cashers. The Trident Breach has been pulled by overseas students residing in the USA, holding student visas. All these cashers would then wire the cash to Eastern Europe via cable services or MoneyGram. Money wiring services and MoneyGram are just one way roads. After the funds are delivered, they can't be recovered.