Three men have been arrested by the Spanish Police, in connection with a €10m Business Email Compromise (BEC) ring targeting corporate victims worldwide.
On Tuesday, the Guardia Civil stated that 12 companies located in Belgium, Bulgaria, Chile, Germany, Luxembourg, Norway, Portugal, the UK, the US and Venezuela, were targeted by the attackers.
Through phishing the attackers were able to gain access to the accounts of senior managers from the 12 companies, and request a transfer of funds to bank accounts. The attackers attached invoices to the emails which included the company’s letterhead to make it appear more legitimate.
It is believed that the BEC ring controlled a network of 83 fake companies and 185 bank accounts – all designed with the purpose of laundering the funds. As of yet, the Spanish Police have only been able to retrieve €1.3m of the total €10.7m stolen.
Operation Lavanco began in 2016 and had Europol, Interpol, the FBI and other national agencies involved.
The Guardia Civil said that the perpetrators are all aged between 34 and 67 years, and are residents of Seville, Tarragona, Cuenca and Albacete.
The arrest follows after the global operation, “Operation reWired” saw the arrest of 281 individuals linked to BEC.
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