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International Cyberfraud Ring that Caused $530M in Losses Indicted

09 February 2018, 04:05 | Lionel James

US Charges Dozens In Massive Cyberidentity Fraud Scheme

Justice Dept. charges 36 alleged scammers for $530 million cyber-fraud scheme

The indictment said the founder billed the forum as the "premier destination for carding, and to 18 direct traffic and potential purchasers to the automated vending sites of its members, which serve as online instruments that traffic in stolen means of identification, personally-identifying information, stolen financial and banking information, and other illicit goods".

The accused were members of the transnational group the Infraud Organization that went by the slogan "In Fraud We Trust" and engaged in criminal activities including identity theft, bank fraud, wire fraud and computer crimes, United States authorities say.

As of about a year ago, there were more than 10,900 members on the group's forum, the indictment says. Its tagline: In Fraud We Trust.

The indictment charges 36 individuals by name, except for seven named only as "John Doe", although identified by aliases such as "Aimless88", "Best4Best", "Carlitos" and "Goldenshop". Administrators also meted out punishments to members who broke rules and to members of rival criminal groups.

Super Moderators oversaw and administered specific subject-matter areas within their expertise.

Alleged U.Okay. laptop hacker wins extradition attraction
Love's lawyers had argued that he was not seeking to avoid justice, and was prepared to stand trial in Britain. A judge at Westminster Magistrates Court ruled against Love in 2016 but he appealed to the High Court.

Along with Bondarenko, those arrested included a number of moderators for the forum, along with vendors and "VIP members", although the overall number arrested was only a small percentage of the forum's estimated 11,000-plus members.

Five of those suspects have been arrested in the US. The accused are charged with identity theft, bank fraud, wire fraud and money laundering.

Prosecutors claim that the scammers aimed to inflict losses of $2.2 billion in stolen revenue. Actual losses-which hit a wide swath of financial institutions, merchants, and private individuals-totaled more than $530 million. Members remained anonymous to each other, knowing others only by their online handles.

Another suspect, 28-year-old Valerian Chiochiu - aka "Onassis", "Flagler", "Socrate" and "Eclessiastes" - of Moldova joined the organization in 2012 and "provides guidance to other members on the development, deployment, and use of random access memory ('RAM') point-of-sale ('POS') malware as a means of harvesting stolen data", according to the indictment. Russian Federation generally doesn't have treaties in place with the United States and USA allies to extradite criminal suspects inside its borders. Ukraine resident Svyatoslav Bondarenko, who's believed to have founded Infraud back in 2010, isn't one of them. He stopped posting on the site in 2015, but was indicted for his alleged role.

The operation to arrest the 13 was carried out by police in Australia, the UK, France, Italy, Kosovo and Serbia. Medvedev has been arrested. Below is an organizational chart of those charged.



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