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Belgian, French and Israeli police smash cryptocurrency investment scam network

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cryptocurrency investment scam network

Law enforcement agencies in Belgium, France and Israel have broken up a major international cryptocurrency investment fraud gang that scammed some €6 million ($6.62 million) out of more than 85 victims.

In an operation backed by Europol and Eurojust, investigators arrested a total of 10 suspects with alleged links to the Israel-based organised crime group, which targeted would-be investors in France and Belgium by phone in order to fleece them of their cash.

Promising returns of 35% on sham investments in Bitcoin and other cryptocurrencies, the fraudsters established trust with victims by providing them with initial small gains as a means by which to persuade them to put additional funds into their bogus investment products.

After providing these modest initial returns, the fraud gang transferred all future payments from victims into several fake companies before funnelling the funds to bank accounts in other EU members states, Turkey and several countries in Asia.

In a statement, Europol said four suspected members of the network were arrested in France at the beginning of last year, before another five were detained and questioned in Israel with the support of an international operational task force set-up by the European law enforcement agency that brought together Belgian, French and Israeli investigators.

The probe that led to the dismantling of the network began in 2018.

Members of the gang, which was active in Belgium and France but was controlled from Israel, is said to have established a sophisticated investment scam that promised significant gains on funds focussed on gold and diamonds as well as virtual currencies.

“Europol supported the investigation since 2018 and facilitated the information exchange between the participating countries,” Europol said.

“A Europol operation task force between investigators and magistrates from Belgium, France and Israel to increase the operational cooperation between the countries involved in the investigation.

“Europol provided also analytical and technical support and deployed an expert on-the-spot to cross-check operational information against Europol’s databases and thus, provide leads to investigators.”

Spikes in the value of cryptocurrencies such as Bitcoin have proved to be something of a boon to investment scammers, who have over recent years been able to exploit regular media reports of virtual currencies soaring against traditional currencies such as the US dollar.

In January of last year, US cyber security firm CipherTrace revealed that the cryptocurrencies stolen from exchanges and conned out of investors increased by more than 400% in 2018 to around $1.7 billion.

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Airbnb expands anti-human trafficking partnership with US NGO Polaris

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Airbnb expands anti-human trafficking partnership

Airbnb has stepped up efforts to prevent rental properties being used by human traffickers by expanding its partnership with US anti-trafficking charity Polaris.

In February 2018, the online accommodation marketplace’s Global Head of Trust and Risk Management Nick Shapiro told the Thomson Reuters Foundation that the website had joined forces with Polaris to stop traffickers who sexually exploit vulnerable women and girls from using the properties it rents out.

At the time, Shapiro said Airbnb would work with Polaris to stop its properties being used as “pop-up brothels”, and train members of its staff on how to spot the signs of modern slavery and human trafficking.

Now, having been faced with repeated criticism for failing to tackle human trafficking, Airbnb has announced that the partnership between the two organisations will be strengthened as they endeavour to eradicate trafficking crimes across the world.

The expanded tie-up will see Airbnb and Polaris offer enhanced training to Airbnb employees, property owners and guests, which will be provided both physically and online.

Airbnb said it has worked with Polaris, which aims to tackle and support the victims of sex and labour exploitation in North America, to establish a robust training curriculum for Airbnb’s customer support agents, and develop protocols to work with law enforcement agencies.

The two organisations have also designed new methods to better flag possible exploitation on Airbnb before it happens, and convened a range of companies and local anti-human trafficking experts to explore new areas of collaboration to strengthen the private sector’s efforts in combating trafficking.

As part of the new training, company employees, property owners and guests will learn about the cause of human trafficking, how to spot signs that exploitation may be taking place, and what action to take should they have any suspicions.

In a statement, Nancy McGuire Choi, CEO of Polaris, said: “Human trafficking is an incredibly complex issue that does not lend itself to quick and easy answers.

“The depth of Airbnb’s commitment is exactly what is necessary to make a real dent in the scope of this global tragedy.”

Last September, Airbnb unveiled a new online portal through which law enforcement officials can request information about users of the short-term property rental service.

The company said the portal was designed to complement the work it does daily to keep its property owners, guests and wider communities safe.

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DEA launches crackdown on Mexican ‘super methamphetamine’ distribution hubs in major cities across US

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DEA launches crackdown on Mexican ‘super methamphetamine’ distribution hubs

The US Drug Enforcement Agency (DEA) has announced a new operation that will see investigators look to eliminate methamphetamine “transportation hubs” across America and block the distribution of the deadly drug.

Operation Crystal Shield will see the DEA target hubs to which large shipments of methamphetamine are trafficked before being broken up and sold onto dealers across the United States.

The agency said it has identified the locations of eight of these hubs, noting that it will concentrate its efforts on major smuggling operations based in Atlanta, Dallas, El Paso, Houston, Los Angeles, New Orleans, Phoenix and the St Louis Division.

These locations are said to have accounted for 75% of all methamphetamine seizures made in the US last year.

The DEA noted that almost all methamphetamine currently sold in the US comes through major ports of entry along its southern border having been made in industrial-scale labs in Mexico.

Much of the methamphetamine produced in these labs is almost 100% pure and is a far cry from old-fashioned so-called “shake-and-bake” version of the drug that used to be widely made in domestic US labs.

The huge volumes of Mexican “super meth” flooding into the US has resulted in the price of the drug falling dramatically over recent years.

Once smuggled into the US, increasingly in liquid form to avoid the attention of law enforcement agents, large shipments of the drug are transported across the country by tractor trailers and personal vehicles to the transfer hubs the DEA is targeting.

In a statement announcing the new crackdown, DEA Acting Administrator Uttam Dhillon said: “Methamphetamine is by far the most prevalent illegal drug being sold on the streets of our community, and therefore warrants a focused plan of attack.

“Meth trafficking makes up more than 60% of the federal drug cases we prosecute in the Western District of Missouri.

“Operation Crystal Shield provides a strategy to stanch the flow of methamphetamine being smuggled into our state by the Mexican cartels.

“If we can reduce the supply of methamphetamine, we can reduce the violence and other criminal activity associated with drug trafficking.”

Earlier this month, authorities San Francisco announced the opening of a new “drug sobering centre” primarily aimed at methamphetamine users suffering from the side effects of taking the substance.

In January, a study published by JAMA Network Open revealed that use of methamphetamine is rocketing across the US, with the number urine samples testing positive for the drug rising from about 1.4% in 2013 to around 8.4% last year.

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ASEAN nations hit by data breaches, ransomware attacks and cryptojacking last year, Interpol says

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ASEAN nations hit by data breaches

Southeast Asia experienced “significant” levels of cyber crime in 2019, including major data breaches, crippling ransomware attacks and a huge rise in cryptojacking, according to a new report from Interpol.

In its ASEAN Cyberthreat Assessment 2020, the International law enforcement agency revealed that the region saw an increase in botnet detections and the hosting of Command and Control (C2) servers in the first half of last year.

Interpol also said phishing campaigns increased in both quantity and sophistication, using advanced social engineering techniques.

Data obtained by Interpol’s private partners for the report showed that the region suffered 5% of global business email compromise (BEC) attacks, with Singapore and Malaysia recording the highest BEC cases of all ASEAN countries (54% and 20%, respectively).

Over the first half of last year, Southeast Asia saw a 50% rise in banking malware attacks compared to the whole of 2018, with prominent malware families such as the Emotet16 banking Trojan shifting from banking credential theft to the distribution business.

Elsewhere, the increasing popularity of cryptocurrencies such as Bitcoin resulted in the rise of crypto-ransomware and cryptojacking, the latter of which involves hackers exploiting unsuspecting computer users’ processing power and bandwidth to mine virtual currency after infiltrating their systems using purpose-built malware.

The Interpol ASEAN Cybercrime Operations Desk concluded its report by vowing to enhance cyber crime intelligence for effective responses to cyber crime in the region, strengthen cooperation for joint operations against cyber crime, and develop regional capacity and capabilities to combat cyber crime.

Commenting on the contents of the report, Interpol’s Director of Cyber Crime Craig Jones said: “In today’s highly digitalised world, the sooner countries are aware of a threat, the sooner they can take steps to mitigate the risk and minimise the cyber threats coming from all directions.

“To this end, we encourage law enforcement in all countries to be actively engaged in collective efforts against these threats, particularly through sharing intelligence and the formulation of a joint operation framework to effectively reduce the global impact of cybercrime.”

In January, Interpol teamed up with several Southeast Asian law enforcement agencies to crack down on cryptojacking.

They used intelligence obtained from police and partners in the cyber security industry to identify a global cryptojacking campaign facilitated by hackers in the region through the exploitation of a vulnerability in MikroTik routers.

Interpol’s Operation Goldfish Alpha also sought to raise awareness of what is a relatively unknown crime in the region, and teach local law enforcement agencies how to deal with it effectively.

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