World Cyber Security Forum (WCSF)’s Post

The Enforcement Directorate (ED) has dismantled a cyber fraud syndicate in Delhi-NCR, involving chartered accountants, company secretaries, and crypto traders. The group is accused of laundering over Rs 640 crore through illegal activities like online betting and phishing scams. Three individuals, chartered accountants Ajay and Vipin Yadav and crypto trader Jitendra Kaswan, were arrested following raids in November that resulted in the seizure of cash, cryptocurrency, and important financial documents. The investigation uncovered a large-scale money laundering operation supported by an international network. The syndicate used over 5,000 mule bank accounts across India to siphon funds, which were transferred to a UAE-based payment platform, "PYYPL." Some of the laundered money was reportedly withdrawn from ATMs in Dubai. During a raid at the residence of CA Ashok Kumar Sharma, ED officials faced resistance, resulting in injuries and prompting police intervention. Further searches in multiple cities yielded numerous financial instruments, including debit and ATM cards, along with significant unaccounted cash and cryptocurrency. The ED has identified over 2,000 transactions linked to the fraud and is analyzing the recovered evidence. Additionally, an FIR has been filed by the Delhi Police regarding the attack on the ED team, leading to the arrest of a suspect associated with CA Ashok Kumar Sharma, who remains elusive. #AsiaRisk #CyberAttacksandDataLoss #India Get a full accounting of the security situation in Asia by subscribing to Security Asia. Subscribe now--free of charge--at Substack https://lnkd.in/gPtAUrsX https://lnkd.in/gYVXuYyn

🚨 Breaking Fraud News 🚨 This case highlights the vulnerability of seniors to sophisticated fraud schemes and the ongoing need for vigilance and protection! Five Chinese nationals have been indicted for orchestrating a complex fraud scheme, scamming over 2,000 seniors out of $27 million. The perpetrators targeted elderly victims with deceptive pop-up ads, emails, and phone calls, manipulating them into transferring money. The stolen funds were laundered through cryptocurrency transactions, with connections traced to co-conspirators in India. Read more here: https://lnkd.in/gVwtwHjp

🚨 Crypto scams : New York Sues to Recover $2M Stolen 💻💸 New York's Attorney General Letitia James is suing to recover $2 million in stolen cryptocurrency from a remote job scam targeting individuals with fake high-paying jobs. 📲🚫 How the Scam Worked: - Phishing Texts: Victims received texts offering flexible jobs with good pay. - WhatsApp Promises: Scammers convinced individuals to open crypto accounts, deposit funds, and "review products" on fake websites mimicking real brands. 💬💻 - Layered Deposits: Victims made small deposits, then larger ones, expecting returns that never materialized. - Fees & “Upgrades”: Scammers demanded more payments to “unlock” funds, leaving victims financially drained. The Fallout: - Victims lost $10,000 to over $100,000, often maxing out credit cards or borrowing money. - Funds were transferred to untraceable wallets via platforms like Coinbase, Gemini, and Crypto.com. - The scam ran from January 2023 to June 2024, impacting many globally. New York’s Response: - The Attorney General’s Office worked with Tether, Circle, and law enforcement to freeze stolen funds. - Legal notices were served through an NFT, redirecting scammers to the Attorney General’s website. 🖼️⚖️ - Queens District Attorney traced $2.2M in stolen funds, enabling their freezing. Global Efforts Against Crypto Crime: Tether’s T3 Financial Crime Unit has frozen over $126M in criminal assets worldwide since August. The initiative: - Freezes illicit funds within days. - Collaborates globally, tracing criminal activities across continents. Protect Yourself: 1/ Verify Job Offers: Research companies thoroughly. 2/ Avoid Upfront Payments: Legitimate jobs don’t require upfront deposits. 3/ Learn About Crypto Risks: Stay informed about scams. 🛡️📖 4/ Report Suspicious Activity: Work with law enforcement and blockchain firms like Tether or Chainalysis. Moving Forward: As crypto scams evolve, collaboration between law enforcement, governments, and blockchain firms is vital. New York's use of NFTs as legal tools sets a bold precedent for tackling fraud. Together, we can make crypto safer. 🌐🔐 #CryptoScam #CyberSecurity #Blockchain #Fraud #RemoteJobs #FinancialCrime #Innovation 😊

The Enforcement Directorate (ED) has arrested two chartered accountants, Ajay and Vipin Yadav, along with cryptocurrency trader Jitendra Kaswan, in a cyber fraud case involving 640 crore. The scheme, linked to betting, gambling, job scams, and phishing, utilized over 5,000 mule accounts in India, with proceeds funneled through the UAE-based payment platform PYYPL. Seizures during searches of 13 locations included financial documents, cash totaling 47 lakh, and cryptocurrency valued at 1.36 crore. The investigation began from two FIRs lodged by the Central Bureau of Investigation (CBI) regarding the fraud. The ED identified that some funds were withdrawn in cash from Dubai using Indian bank ATM cards, with approximately 15,588 transactions executed. The agency uncovered a network of chartered accountants, company secretaries, and cryptocurrency traders involved in systematic money laundering, orchestrated by handlers abroad through private chat groups. During a raid at the home of main suspect Ashok Kumar Sharma, ED personnel encountered physical resistance. The Delhi Police have since filed an FIR related to the incident and arrested Radhe Shyam Sharma, a relative of Sharma. The ED is currently examining over 2,000 documents tied to transactions among various bank accounts and cryptocurrency purchases in its ongoing investigation. #AsiaRisk #CyberAttacksandDataLoss #India Get a full accounting of the security situation in Asia by subscribing to Security Asia. Subscribe now--free of charge--at Substack https://lnkd.in/gPtAUrsX https://lnkd.in/gix22kS5

DIACC and Interac Corp., as usual, are sharing some incredibly insightful content here. Fraudsters are getting better, faster, and more sophisticated. The potential for our entire community to rally around common causes like #fraud and other deceitful or criminal activity is exactly why I've enjoyed being part of this industry and the advancements in #digitaltrust and #digitalidentity.

INDUSTRY INSIGHTS: How fraudsters are targeting Canadians in 2024 A recent survey by DIACC member Interac Corp. reveals that 9 in 10 Canadians experienced at least one fraud attempt in the past year, highlighting a growing digital threat landscape. Interac’s fraud management leader, Joanna Schoneveld, warns that advancements in technology, especially AI, are enabling more sophisticated scams. The Canadian Anti-Fraud Centre (CAFC) reports that investment fraud, imposter scams, and job fraud are among the most common digital threats. Cryptocurrency investment scams alone accounted for over half of last year's reported $309 million in losses. Interac emphasizes the importance of education and prevention, urging Canadians to "stop, scrutinize, and speak up" against potential scams. #fraudprevention #AI #digitalfinance #CAFC https://lnkd.in/gr3uShaJ

🔒FBI Cryptocurrency Fraud report 2023! 🔒 As the world embraces cryptocurrency 💸, its darker side is becoming increasingly evident. The FBI's 2023 report revealed that more than 69,000 complaints were filed concerning financial fraud involving cryptocurrencies like Bitcoin, Ether, and Tether. This led to a staggering $5.6 billion in estimated losses 💥. 🚨 While only 10% of financial fraud complaints were crypto-related, they accounted for 50% of total losses! The most alarming? Investment scams made up 71% of these losses 💸. Scams through call centers, like tech support and government impersonation, also contributed to this growing problem ⚠️. With the decentralized nature of cryptocurrencies 🧑💻, rapid irreversible transactions, and global reach 🌍, it’s no surprise that criminals are exploiting this system. Once sent, the funds are often transferred overseas for quick cash-outs, making recovery tough. 🔍 Quick and accurate reporting is crucial in combating these fraud schemes. The FBI’s Internet Crime Complaint Center (IC3) works to analyze complaints, track trends, and collaborate with law enforcement and partners to bring fraudsters to justice ⚖️. 🛡️ This supplemental report aims to raise awareness of the growing losses tied to crypto-related fraud, educate the public on common scams, and help protect individuals from falling victim. Stay informed and vigilant! 👁️

Scammers don’t just steal money—they exploit trust and desperation.  A recent case reveals how online fraudsters use layered tactics to inflict more significant financial and emotional damage on their victims.  The fraudulent platform posed as a legitimate investment opportunity, enticing victims with promises of high returns. After significant losses, a second wave of exploitation began: a recovery scam. Fraudsters posing as recovery agents claimed they could retrieve stolen funds but demanded additional payments for “taxes” and “verification fees.” Transactions were routed through platforms like Cash App and cryptocurrency wallets, deepening the losses and further damaging trust.  CNC Intelligence collaborated with the Overland Park Police Department in Kansas to trace the scam’s intricate web. While recovery efforts in such cases are often complex, they underscore the critical importance of education and vigilance. Organizations like the IC3 (the Federal Bureau of Investigation (FBI)'s Internet Crime Complaint Center) also play a vital role in documenting these scams and supporting victims.  Scammers thrive on misinformation and false promises. Protecting yourself starts with recognizing the warning signs and taking action quickly.  What strategies do you think are most effective in combating scams like these? Share your insights below and help raise awareness.

Fraud cases in UK courts are up 16% in 1H 2024, with money laundering leading by value, largely tied to cybercrime. Criminals are increasingly using cryptocurrency for laundering, leveraging digital tactics like blockchain to obscure illicit funds. As financial systems grow more complex, so does the challenge of tackling fraud. Government and businesses must stay vigilant. #Cybersecurity #MoneyLaundering #Fraud https://lnkd.in/gSHgu4xJ

Nearly VND 1 trillion (about $40 million) was lost to online fraud in Ho Chi Minh City in the first nine months of this year, according to the Criminal Police Department. Senior Lieutenant Colonel Doi Ngoc Thang reported 461 cases of online fraud, a decrease of 282 from the previous year. However, the total losses remain alarmingly high at VND 982 billion. While prosecutions were initiated in 242 cases, only a few have been resolved. The majority of scams involved recruiting individuals for e-commerce platforms or posing as child photo models, totaling 267 cases. There were also 102 cases linked to fraudulent investments in unlicensed stock trading, cryptocurrency, and foreign exchange. Other common scams included impersonating government officials, hacking social media accounts for money, and aggressive marketing of unlicensed cryptocurrency platforms. Thang emphasized the significant financial and emotional toll on victims, with average losses around VND 5 billion per case. Many victims used personal savings or borrowed money, leading to family conflicts and, in severe cases, violence or suicide. Some faced threats for unpaid debts, while others encountered immense financial pressure, resulting in tragic outcomes. #AsiaRisk #CyberAttacksandDataLoss #Vietnam Get a full accounting of the security situation in Asia by subscribing to Security Asia. Subscribe now--free of charge--at Substack https://lnkd.in/gPtAUrsX https://lnkd.in/gG3nybpP