The New York Times is reporting that the FBI indicted 53 people in three states and began arresting them for phishing users' bank credentials and stealing their funds from Bank of America and Wells Fargo bank.
The operation was dubbed "Operation Phish Phry" by the FBI and included 47 individuals in Egypt as unindicted co-conspirators. This was a large banking fraud operation which was conducted at several levels.
It would appear that the phishing was initiated by the Egyptians, who tricked users into supplying their credentials through a phishing expedition. They cast a wide net by choosing banks that have a nationwide presence to maximize their ability to both collect valid logins and find people willing to assist in the fraud at local banks.
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