Quantcast
Get breaking news alerts via email

Click here to manage your alerts
Cybercrime ring is uncovered in Brazil
Technology » Security firm reports billions stolen by infiltrating online payment system.
First Published Jul 03 2014 12:21 pm • Last Updated Jul 03 2014 12:21 pm

Sao Paulo • A massive cybercrime ring in Brazil may have stolen billions of dollars from a widely used online payment system, a technology security company said.

The RSA Security division of EMC Corp. said in a research report released on Wednesday that a "malware-based fraud ring" had infiltrated the online payment method known as the boleto, diverting payments to accounts held by members of the ring.

Join the Discussion
Post a Comment

Boletos are used in a wide range of transactions, such as telephone, school tuition, mortgage and credit card payments.

The report said the scheme may have compromised close to 500,000 transactions with an estimated value of $3.75 billion over a two-year period. However, researchers were unable to determine how many of those boletos were paid by victims or whether they went to fraudster-controlled bank accounts."

It said transactions of 34 banks were affected, though it did not name the banks.

The Federation of Brazilian Banks that represents Brazil’s banking industry said the country’s banks lost 1.4 billion reals (about $700 million) to electronic fraud in 2012.

RSA said it turned over its report to Brazil’s federal police, to the Federal Bureau of Investigation and to the federation.

The federal police and the federation said they had no immediate comment.

According to the report, the boleto system is the second most popular payment method in Brazil after credit cards.

E-bit, a Brazilian e-commerce market research firm, estimates that 18 percent of all purchases made in 2012 in Brazil were transacted via boletos.


story continues below
story continues below

The report says the malware appears to affect only boletos generated or paid online via infected Windows-based PCs using Google Chrome, Mozilla FireFox and Microsoft Internet Explorer. It modifies the boleto information "so that payments are redirected to a fraudster’s account," the reports said.



Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment


About Reader Comments


Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Videos
Jobs
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Access your e-Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.