Cybercrime: Asian-based crime syndicate reaping millions through cyber fraud by hacking mobiles

EXCLUSIVE: Sophisticated cyber fraudsters are hijacking victims’ mobile phone accounts and bypassing internet banking verification protections to steal millions of dollars.

Police are cracking down on syndicates using mobile phones to steal millions. Picture: Ian Currie

SOPHISTICATED cyber fraudsters are hijacking victims’ mobile phone accounts and bypassing internet banking verification protections to steal millions of dollars.

Hackers are not only using malicious software to steal personal details and take over bank accounts, they are also hacking mobile phone ­accounts so they receive security codes, which banks send in texts as a security measure, when transferring funds to new accounts.

The Fraud and Cybercrime Squad’s Strike Force Cottenham, which has charged 41 people since December, 2014, over stolen funds of $6.5 million, has released photos of 12 people they wish to speak to in relation to alleged fraud.

The nine men and three women are wanted for questioning over transactions totalling $1.5 million and attempted transactions of $700,000 at banks across Sydney, Newcastle and the Southern Highlands between November 2014 and July last year.

The Asian-based syndicate lures university and foreign students with the promise of “easy money” by simply opening bank accounts.

The stolen funds are transferred to the mule’s account and withdrawn in what is known as “linking fraud”. Armed with the victim’s details the mule links the victim’s ­account to their own though an “authority to operate” form.

After the victim’s bank ­account has been hijacked, their personal details are used to take over their mobile phone account and move it to a new carrier with a new number controlled by the syndicate.

This allows the syndicate to bypass what had previously been a secure safeguard used by banks to stop fraudulent ­internet transactions.

Changing the account ­holder’s contact number ­allows fraudsters to open new online accounts in the victim’s name to siphon money.

Several mules have found themselves in hundreds of thousands of dollars debt as police crack down on the scam.

Two students prosecuted last year for helping steal $541,000 from one victim, were ordered to repay $178,000 and $163,000 ­respectively despite not making any money themselves.

Fraud and Cybercrime Commander Superintendent Arthur Katsogiannis said students “wanting to make a fast buck” were being conned into becoming the weakest link in the highly organised scam.

“There’s no such thing as easy money,” he said.

“Think very carefully before you are caught up in this web, because once you are the ­tentacles will entangle you and at the end of the day you will face the consequences.

“If any of those individuals recognise themselves in the photos we ask them to go to the police before we start knocking on their doors.”

William Kim, 19, allegedly a mid-level player in the syndicate, was charged last month over the theft of $450,000.

Dinh Anh Khoa Trinh was charged last year in relation to the theft of more $4 million. He allegedly controlled 60 mules flown in from Asia to withdraw funds to avoid law enforcement attention.