Online Scam Ring Busted in Nigeria

August 2, 2016

At long last, the Nigerian Prince who has requested your banking information for all these years, has been unveiled.  Well, at least an alleged ringleader of a global email scam ring has been arrested in Nigeria and charged with swindling $60 million from victims.  The 40 year old man, known simply as Mike has been charged with hacking, conspiracy, and obtaining money under false pretenses related to a worldwide scam network by Interpol and the Nigerian Economic and Financial Crime Commission (EFCC). According to Interpol, the global network compromised of email accounts of small to medium businesses in Australia, Canada, India, Malaysia, Romania, South Africa, Thailand and the united States. The man allegedly oversaw 40 individuals in Nigeria, Malaysia, and South Africa who provided malware and carried out two types of fraud and bilking millions of dollars. The first is a payment diversion fraud, where a supplier’s email is compromised and fake messages are sent to the buyer with instructions for payment to a bank account under the network’s control. The second scheme, known as the CEO fraud, uses the email account of a high-level executive is compromised and a request for a wire transfer is sent to another employee who has been identified as responsible for handling these requests. The money is then paid into a designated bank account held by the criminal. SO it appears our Prince won't be asking for your bank account information anytime soon as Mike and an accomplice has been arrested and charged with the crimes.  Both are currently on administrative bail as the investigation continues.


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