Thursday, November 12, 2015

Cyberfraud Bust

The big news yesterday was that indictments were announced against a team that  had been hacking into valuable financial information at big institutions like J.P. Morgan and E*Trade. Some 100 million people had sensitive information stolen, resulting in $100 million that the criminals had stashed in Swiss bank accounts.

Federal prosecutors are calling it a  “diversified criminal conglomerate” that employed 270 employees and resulted in 75 shell companies. The criminals ran a gamut of illegal activities, including pump-and-dump stock schemes, illegal Internet casinos and an unlicensed bitcoin exchange.

Yesterday's announcement linked the current case to last year's breach of information at J.P. Morgan. At that point, we knew that hackers broke into J.P. Morgan’s networks and made off with the contact information of more than 83 million customers.

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