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Cops have toppled a $530 million cybercrime empire

February 8, 2018

Investigators have carried out one of the biggest takedowns ever of an online crime ring.

The scams: Set up in 2010, the self-styled Infraud Organization (motto: “In Fraud We Trust”) trafficked credit card details, Social Security numbers, and other stolen information on the dark web. It’s thought to have caused $530 million of losses to victims.

The bust: Svyatoslav Bondarenko, a Ukrainian, launched the group, which had almost 11,000 members. He and 35 other ringleaders have have now been indicted by the US Department of Justice.

Why it matters: Cybercrime is a big business, with hackers stealing $172 billion from people in 2017, and coordinating crackdowns across borders is tough. That makes this multinational bust a huge—if all too rare—success.

Deep Dive

Computing

child outside a destroyed residential building in Kiev
child outside a destroyed residential building in Kiev

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hacked telecom concept

Chinese hackers exploited years-old software flaws to break into telecom giants

A multi-year hacking campaign shows how dangerous old flaws can linger for years.

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stock image of robots in a car plant

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Cloud-based tech solutions are helping manufacturers manage a new ecosystem of suppliers with greater agility and resilience.

inflection point post-NSO concept
inflection point post-NSO concept

The hacking industry faces the end of an era

But even if NSO Group is no more, there are plenty of rivals who will rush in to take its place. And the same old problems haven’t gone away.

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Illustration by Rose WongIllustration by Rose Wong

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