RSA Security Reports A Biggest Fraud In the History Revealed in Brazil

Recently, a Massie Cybercrime report from RSA Security had revealed that Internet Fraud malware had stole about $4 billion from a widely accepted payment system.  The RSA Security has did a research on the Fraud and posted a full report which stated that the “malware-based fraud ring” which had penetrated the online system called boleto, which misleading the payments to the bank accounts of the member of the ring. The boleto is widely used in Payment system, telephones, mortgage and credit card system. 

The report also says that the malware have altered about 500,000 transactions worth $4 billion dollars for about 2 year of the period. But still the researchers have unable to find out how many of those boleto’s were paid by actual owner of that transaction or they directly went to swindler. There were about 34 banks involved whose transaction were altered but did not mention any bank name. The federation of Brazilian bank that control everything in the country said the back have lost about $700 million in electronic transaction.

“This "Bolware" malware simply substitutes a different destination bank account on the form when it is being submitted online. The sender won't notice the change in a long string of numbers, and the intended recipient simply won't ever receive the money. Instead, it goes to the scammer's account — and the amount in such accounts, by RSA's estimates, exceeds $3 billion.”  As Published on a site

RSA said they have submitted report to the Brazil police and Federal Bureau of Investigation and to the federation. As Ask from the police they said they will examine the report and later will comment on it. This attack on the payment system is shackle the Economy or the country and also have very concerned about the security of the banks.