Security news4 April 2007
Suspected phishing mules investigated in Singapore Gang said to have forwarded stolen money to Russia and Latvia
Phishing gangs hire mules to help them steal money from internet users.
Sophos, a world leader in IT security and control, has reminded computer users to be wary of online criminals recruiting people under the guise of money-making opportunities, which in reality are helping phishers move stolen money into overseas accounts.
The warning comes following news that authorities in Singapore are investigating a group of suspected "money mules" who are said to have laundered money for an international crime syndicate to accounts in Russia and Latvia.
According to the Commercial Affairs Department those being questioned applied last year to be transaction managers earning commission for what was claimed to be an international aid agency.
It is alleged that the syndicate's money was sent from Australia to Singapore in batches of 5,000 Singapore dollars through firms such as Western Union. The transaction managers based in Singapore are then said to have forwarded funds to accounts in Russia and Latvia, earning 1,000 Singapore dollars a week in commission.
"It may take time for the police in Singapore to get to the bottom of this particular case, but what is clear is that criminal gangs are interested in hiring people to help them move money around the world," said Graham Cluley, senior technology consultant for Sophos. "Innocent internet users should be on their guard not to get mixed up with what they may think is an innocent business proposition, but actually turns out to be helping phishers steal money from online bank accounts."
If convicted money launderers can receive a maximum fine of 200,000 Singapore dollars (US $131,578) and seven years in jail.
Sophos continues to recommend that computer users ensure their anti-virus software is up-to-date, and that companies protect themselves with a consolidated solution which can defend them from the threats of viruses, hackers, spyware and spam.
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About Sophos
More than 100 million users in 150 countries rely on Sophos as the best protection against complex threats and data loss. Sophos is committed to providing security and data protection solutions that are simple to manage, deploy and use and that deliver the industry's lowest total cost of ownership. Sophos offers award-winning encryption, endpoint security, web, email, and network access control solutions backed by SophosLabs - a global network of threat intelligence centers. With more than two decades of experience, Sophos is regarded as a leader in security and data protection by top analyst firms and has received many industry awards.
Sophos is headquartered in Boston, US and Oxford, UK. More information is available at www.sophos.com.
