Identity Theft News

Phishing gang busted in 'Operation Phish Phry'

Thursday, October 8, 2009

The FBI arrested dozens of people Wednesday allegedly involved in a criminal phishing gang, charging them with a conspiracy to steal bank account information using online phishing websites.

It was the culmination of a more than two-year investigation called Operation Phish Phry, stretching from Los Angeles to Egypt, where co-conspirators used stolen bank account information to wire funds from phishing victims' accounts into new accounts set up at Bank of America and Wells Fargo.

"This international phishing ring had a significant impact on two banks and caused huge headaches for hundreds, perhaps thousands, of bank customers," said Acting United States Attorney George S. Cardona.

FBI spokeswoman Laura Eimiller said the gang transferred at least $1.5 million from victim accounts, according to Wired News.

Coming in the same week that thousands of stolen Hotmail, Gmail and other email account passwords were leaked to the internet, the FBI bust demonstrates the broad extent of identity theft via phishing.

Criminals using email and instant messages purporting to come from banks or other legitimate sources trick thousands of victims into divulging their confidential information online.
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