Detectives investigating an organised criminal network responsible for defrauding bank customers across the UK out of approximately £60 million have arrested nine people.
The arrests follow a raid at 14 addresses in Ilford, Watford, Slough and Scotland co-ordinated by the Metropolitan Police Service’s Cyber Crime and Fraud Team, Falcon.
The bust takes down an organised crime ring which used telephone technology and social engineering techniques to gain the trust of business banking customers and dupe them into handing over their account details.
The £60 million haul was transferred into 'mule' accounts and then withdrawn from branches and ATMs across the country.
Detective chief inspector Andy Gould, head of Falcon’s Taskforce, says the fraudsters gained the trust of their victims by using technology to disguise the number they were dialling from and making it appear to be a call from an official bank phone line.
"They sound professional and ask some subtle questions in order to gain the information they need to access the customer’s bank account online," he says. "This is the largest covert proactive operation we have ever undertaken against cyber-enabled crime. It demonstrates our commitment and ability to dismantle organised criminal networks in order to keep businesses safe from this type of crime."
Ten people have already been arrested and charged with conspiracy to commit fraud and money laundering offences in connection with the investigation.