Ringleader behind Global Network responsible for thousands of online scam Arrested

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Wow ! Nigerian Suspect who's in charge of a chainvof network scammers stealing around $60million has been arrested.He was caught by the joint operation of INTERPOL and The EFCC.
  According to the international police organisation, the 40-year-old Nigerian known as 'Mike', the head of an international criminal network behind thousands of online frauds was arrested ina joint operation by INTERPOL and the Nigerian Economic and Financial Crime Commission (EFCC).The Nigerian national is believed to be behind scams totalling more than USD 60 million involving hundreds of victims worldwide. In one case a target was conned into paying out USD 15.4 million.The network compromised email accountsof small to medium businesses around theworld including in Australia, Canada, India, Malaysia, Romania, South Africa, Thailand and the US, with the financial victims mainly other companies dealing with thesecompromised accounts.Heading a network of at least 40 individuals across Nigeria, Malaysia and South Africa which both provided malware and carried out the frauds, the alleged mastermind also had money laundering contacts in China, Europe and the US who provided bank account details for the illicitcash flow.Following his arrest in Port Harcourt in southern Nigeria, a forensic examination of devices seized by the EFCC showed he had been involved in a range of criminal activities including business e-mail compromise (BEC) and romance scams.The main two types of scam run by the 40-year-old targeted businesses were payment diversion fraud – where a supplier’s email would be compromised and fake messages would then be sent to the buyer with instructions for payment to a bank account under the criminal’s control – and ‘CEO fraud’.In CEO fraud, the email account of a high-level executive is compromised and arequest for a wire transfer is sent to another employee who has been identifiedas responsible for handling these requests. The money is then paid into a designated bank account held by the criminal.
  Noboru Nakatani,executive director of IGCI has said the public and especially companies need to be seriously alert to this type of cyber fraud

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