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TMCNet:  Cybercrime ring may have stolen billions in Brazil

[July 03, 2014]

Cybercrime ring may have stolen billions in Brazil

(Canadian Press DataFile Via Acquire Media NewsEdge) SAO PAULO - A technology security company says it has uncovered a massive cybercrime ring in Brazil that may have stolen billions of dollars from a widely used online payment system.

The RSA Security division of EMC Corp. says in a research report released Wednesday that a "malware-based fraud ring" had infiltrated the online payment method known as the boleto, diverting payments to accounts held by members of the ring.

Boletos are used in a wide range of transactions, such as telephone, school tuition, mortgage and credit card payments.

The report said the scheme may have compromised close to 500,000 transactions over a two-year period with an estimated value of $3.8 billion. However, researchers were unable to determine how many boletos were paid.

© 2014 The Canadian Press. All rights reserved.

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