Massive phishing ring broken up

The FBI, as part of its Operation Phish Fry, has arrested 33 people that took part in a global phishing scam that stole from Bank of America (BAC) and Wells Fargo (WF), among others. More than 50 people were named in the indictment, so there may be more arrests on the way. The investigation also netted 47 arrestees in Egypt.

The scam involved people in Egypt sending out information that appeared to be from banks. They asked customers to go to an official-looking site and enter sensitive information--a routine scheme. The scammer apparently stole about $1.5 billion his way. So the phishing problem continues to heat up.

The Washington Post notes data suggesting more than 50,000 unique phishing sites were set up in June alone. Banks should be proactive. Consumer education is the bare minimum. The issue has hit close to home for the FBI. FBI Direct Robert Mueller, III has spoken out about cybercrime, and is not shy about relating how he was nearly victimized. His wife instructed him not to bank online anymore.

For more:
- here's the Washington Post article

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