Schoolboys held after online fraud raid

[Lite]

Two teenaged schoolboys have been arrested by UK police on suspicion of taking part in a global online fraud operation which defrauded banking customers out of at least £8million.

Public schoolboy Nick Webber and comprehensive pupil Ryan Thomas, who allegedly met when they were 16 on social networking site Facebook, used malware to harvest the information.

The global operation was uncovered after police discovered the online forum, where the two schoolboys and others sold compromised account details alongside advice on how to use card details fraudulently to buy goods, wire cash and call sex phonelines, the report said.

Details of more than 65,000 accounts were found on the forum, and it's estimated that at least £8m could have been siphoned off by cyber criminals.

More details than this are hard to come by though and as it has only been picked up by The Sun, exactly how the duo obtained the banking information remains a mystery.

What can be learnt however is that online forums like the one the two schoolboys are alleged to have frequented are the beating heart of the online fraud industry - the place where the cyber criminals flock to trade ill-gotten credentials and cash.

It's heartening to see the police having some success in uncovering and, presumably, shutting down yet another one, but if they fail to nab the ringleaders then yet another forum will spring up somewhere else on the internet.

Even some of the men behind the infamous Dark Market forum - often hailed as one of law enforcement's finest take downs - are still at large. Better multi factor authentication from the banks and greater awareness on the part of their customers are more likely to make a difference in the shorter term.

View: Original Article

[Atasas]

Damn! I was looking for the place like that! :sneaky: