Germany and Brazil dismantle international banking fraud network

German and Brazilian authorities have dismantled an international cybercrime network responsible for stealing millions of euros from German online banking customers. The investigation, led by the Federal Criminal Police Office (BKA) and the Frankfurt Public Prosecutor's Office, revealed that the group exploited a software vulnerability at a payment service provider.

In November 2023, the criminals utilized a flaw caused by a faulty software update to conduct numerous unauthorized withdrawals over a period of just four days. The stolen funds were primarily transferred to Brazil, where the group used complex methods to conceal identities before withdrawing the money. A smaller portion of the proceeds was moved through four other European countries.

Following a large-scale operation in Brazil, four suspects were arrested and 21 locations across seven cities were searched. Additionally, three suspects were identified in Europe, with legal proceedings initiated in Spain and Bulgaria.