Czech and Ukrainian police have dismantled a major voice phishing (vishing) gang with the assistance of Europol and Eurojust. The gang defrauded victims of millions of Euros via fraudulent phone calls, Europol said in a press release on Thursday.
In April, ten suspects were arrested in raids across Czechia and Ukraine, targeting homes, vehicles, and call centers linked to this gang. “Mobile phones, SIM cards, and computer equipment were seized during the crackdown,” Europol said.
Europol is also currently working to identify more victims across Europe.
Elaborate ‘Vishing’ Scheme
The gang, which operated out of Ukraine, mainly targeted Czech victims, stealing an estimated €8 million (about $8.7 million) from victims in the Czech Republic alone.
Europol said the voice phishing (vishing) gang operated sophisticated call centers in Ukraine and impersonated bank officials and police officers to trick victims.
They convinced victims that their accounts were compromised and directed them to transfer their money to a “safe” bank account controlled by the group.
“The suspects used spoofed phone numbers and impersonated bank employees and police officers to gain the trust of their victims,” Europol said.
A report from Europol’s European Financial and Economic Crime Threat Assessment, published in September, revealed a worrisome surge in financial and economic crimes, including fraud via telephone. Meanwhile, an April 2022 survey by UK Finance found that 71% of young adults in the UK had been targeted in impersonation scams, with 73% admitting to being manipulated into sharing sensitive information or transferring money.
How to Protect Yourself From Phishing Scams
Europol urged the public to exercise caution with unsolicited calls, verify caller identities through direct channels, and refrain from sharing sensitive financial information with anyone.
In its cyber scam prevention guide, Europol recommends regularly checking online and bank accounts, securing online payments, and being skeptical of offers that seem too good to be true. The guide highlights various social engineering scams, including CEO impersonation, invoice fraud, phishing, and romance scams.
Read our guide to social engineering to learn more about how to spot these scams and protect yourself.
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