Ukrainian police apprehend a gang operating an EU payment phishing scheme

Ukrainian authorities say they have apprehended suspected members of a cyber-crime ring operating an EU payment phishing scheme.

Victims were directed to malicious, fraudulent websites disguised as European Union resource pages by the links.

In order to apply for financial assistance from the European Union, Ukrainian residents were asked to provide their bank account information.

According to Ukrainian police, over 5,000 citizens were defrauded, resulting in losses of approximately 100 million hryvnias ($3.38 million).

After obtaining a victim’s bank information, the cyber criminals used it to compromise online banking accounts and withdraw funds without permission.

If found guilty of fraud charges under Ukraine’s Criminal Code, the suspects face up to 15 years in prison.