Major fraud group eliminated in Australia

Posted 19 September, 2019

The Australian Federal Police in cooperation with the local financial regulator has reportedly taken down large criminal group that was involved in fraud and money laundering activities. The report was released by the Australian Securities and Investments Commission this week.

According to the available data, the criminals bought personal data in the darknet to steal money from victims' pension funds and trade accounts of the companies that are registered with the Australian Stock Exchange.

"It will be alleged the syndicate used stolen identity information purchased from darknet marketplaces, together with single-use telephone SIM cards and fake email accounts, to undertake an ‘identity takeover’," the report reads.

During the investigation, it was discovered that the group created fraud accounts with different Australian banks using stolen personal data. In particular, it was detected about 70 such accounts.

The police have already arrested a woman from Melburn which can be involved in the group activities.

The regulator highlighted that personal data leak and money laundering are critical issues for national security. Thus, the authorities intend to keep monitoring cyber crimes as well as "institutions to maintain their obligations to ensure they have adequate cyber resilience".

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