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The police claim they set up dozens of bank accounts using stolen identities to transfer money overseas.
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AFP charges four for allegedly laundering $1.7m from cybercrime
24 March 2023
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9 minute read
Four members of an alleged cybercrime syndicate have been arrested and charged over money laundering $1.7 million in stolen cash.
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The AFP alleged the syndicate had orchestrated more than 15 sophisticated cybercrime incidents since January 2020 involving at least 80 bank accounts in stolen names used to transfer money overseas.
The AFP executed five search warrants yesterday and seized fake passports, international driver licences and luxury handbags, as well as digital devices for forensic examination.
Two Brisbane women, a Melbourne man and an Adelaide man were arrested for allegedly laundering the proceeds of cyber fraud as part of a syndicate with links to South Africa.
The charges included possessing false documents and dealing in the proceeds of crime. Maximum penalties range up to 20 years’ imprisonment.
The syndicate allegedly used a range of tactics including business email attacks, scams targeting users of Facebook Marketplace and fraudulent superannuation investments. Individual losses ranged from $2,500 to nearly $500,000.
The four individuals allegedly operate about 180 bank accounts to facilitate thefts from their victims and then transfer and launder their profits.
About $1.1 million was allegedly laundered to bank accounts in South Africa, where the group was working with associates who sourced legitimate identity documents and altered the photographs and birth dates so Australian syndicate members could use them. The majority of documents belonged to victims residing in South Africa, some of whom were Australian citizens.
AFP Commander Cybercrime Operations Chris Goldsmid said cybercrimes were increasing at an alarming rate, and the techniques scammers were using to trick their victims had become increasingly cunning.
“Business email compromise has become a particularly prominent cyber threat, which is why the AFP, through Operation Dolos, remains focused on protecting Australians who are being targeted in these attacks,” Commander Goldsmid said.
“Australians reported losses of more than $98 million to business email compromise attacks in the past year alone, with an average loss of $64,000 per reported incident.
“As a result of this investigation, and with the assistance of several financial institutions, the AFP was able to identify nearly 80 fraudulent accounts being used by the syndicate and begin to shut them down.
“Now, more than ever, we need individuals and business to remain hyper vigilant when conducting online transactions.”
The AFP began the investigation in October 2021 after an Indonesian business lost more than $100,000 in a business email compromise attack.
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