5 Key Players Nabbed in Ukraine in $70-Million Bank Fraud Ring

Ukrainian authorities have arrested five key suspects in a massive international bank fraud ring that used malware to steal at least $70 million from small businesses, municipalities, churches and others in the U.S.

The five are alleged to be part of a multi-national ring that includes about 60 other suspects who were arrested this week in the U.S. and the United Kingdom for their roles in schemes that used the Zeus malware to infect computers and steal bank log-in credentials from more than 300 victims in the U.S.

The ring attempted to steal $220 million from bank accounts, but have only succeeded to nab a third of this, due to coordinated efforts by the Federal Bureau of Investigation with authorities in the U.K., the Netherlands and Ukraine.

The FBI wouldn’t disclose the names of the five suspects seized by Ukrainian authorities Thursday or indicate what role they played in the ring other than to say that at least $14 million in actual losses has been attributed so far to them specifically and that they were very proficient in utilizing the Zeus malware successfully.

But a bureau official, who asked not to be named, said the busts show that top criminal players are being taken out — not just the low-hanging fruit who operate as mules.

“These cyber criminals think that they are hiding over in a different country and are untouchable,” the official said. “This shows that we are working with our joint partners internationally and that [the criminals] can be held accountable for their actions.”

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