Published: Thu, February 08, 2018
Markets | By Noel Gibbs

36 in Global Syndicate Charged With $530 Million in Cybercrime Losses

36 in Global Syndicate Charged With $530 Million in Cybercrime Losses

"The sole objective of the organization is the large scale acquisition and dissemination of stolen identities, compromised debit and credit cards, personally identifying information, computer malware and other products used to unlawfully enrich members and associates of the Infraud association", Dale Eliason, U.S. Attorney of Nevada, said in a call with reporters.

Infraud is said to have 10,901 registered members and was founded by Bondarenko, a 34-year-old Ukranian man.

Operating with the slogan, "In Fraud We Trust", the organization directed users to individual members' websites, which offered stolen identification, financial information, malware or other illicit goods.

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The department of justice said he had not been arrested. "But unlike the organized crime of years past, numerous organization's almost 11,000 members have never met in person and do not know the true identities of their co-conspirators". Administrators also meted out punishments to members who broke rules and to members of rival criminal groups.

Super Moderators oversaw and administered specific subject-matter areas within their expertise.

Along with Bondarenko, those arrested included a number of moderators for the forum, along with vendors and "VIP members", although the overall number arrested was only a small percentage of the forum's estimated 11,000-plus members.

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Created in 2010, "Infraud operated like a business to facilitate cyberfraud on a global scale", Cronan said.

"These acts include, but are not limited to: money laundering; trafficking in stolen means of identification; trafficking in, production and use of counterfeit identification; identity theft; trafficking in, production and use of unauthorized and counterfeit access devices; bank fraud; and wire fraud, as well as services associated with all of the above". Members of the group would then use the forum on the Dark Web - part of the Internet often used for illegal activity - to gather information and facilitate the sale of the stolen data, officials said. He stopped posting on the site in 2015, but was indicted for his alleged role.

Authorities have already arrested 13 people from a range of countries including the United States, Australia, the United Kingdom, France and Italy.

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Update: Added the organizational chart and details on arrests.

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