Credit card scammers arrested in Spain used Bitcoin to launder profits

15 Jun, 2019
by Alberto Arnaldo
Credit card scammers arrested in Spain used Bitcoin to launder profits

According to regional media reports, 35 people were arrested yesterday in up to 10 cities spread all over the Spanish geography. 22 others are being investigated.

Criminals were allegedly involved in banking card fraud, and cryptocurrencies played a key role in their modus operandi, as their activities involving hiding the origins of their funds have reported them greater benefits than their other criminal endeavors: according to the police, they had laundered about 1 million euros but they have only been charged with scamming about 600,000.

The arrested network included nationals from Equatorial Guinea, Spain, Nigeria, Cameroon and Morocco. There are more than 210 victims of their scams in Spain alone, with further 20 that have reported similar events from Israel, Denmark, Germany, France and Greece.

The usual techniques deployed for this type of credit card fraud were used by the organization, with methods such as phising, skimming and bin attack frauds being commonplace.

However, what appears to be innovative in this specific case is that two of the members of the organization were exclusively tasked with laundering the profits through Finland, Estonia and United Kingdoms, using cryptocurrency purchase firms legally based there. Other more traditional methods of laundering included sending remittance to countries such as United States, Equatorial Guinea and Benin.

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Read more about: Bitcoin (BTC) Spain


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