Large-Scale Bank Fraud Scheme Exposed in the U.S.

posted  17 Nov 2023
Photo - Large-Scale Bank Fraud Scheme Exposed in the U.S.
Three individuals in the United States have been arrested for allegedly stealing over $10 million from banks and financial institutions, with the stolen funds later converted into cryptocurrencies.

The culprits reportedly recruited individuals to open accounts in various New York banks. They then executed transfers between these accounts, subsequently claiming these transactions were unauthorized.

The banks' security systems, designed to temporarily credit compromised accounts, inadvertently doubled the amount of money at the fraudsters' disposal.

"These charges should serve as a warning to fraudsters and cybercriminals who think they can turn to cryptocurrency to hide their identities – together with our partner agencies, we will find you and hold you accountable for your crimes," said U.S. Attorney Damian Williams.