This allegedly began in 2011, when several accounts in banks such as: Citibank, JP Morgan Chase, PayPal, the U.S. Military Defense Finance and 11 other banks had their accounts compromised. Once inside these accounts, the hackers setup a payment which was sent to several pre-paid debit cards. The pre-paid cards were then used by an accomplice (aka “cashers” or “money mules”) to make ATM withdrawals or purchases to convert the card into cash.
From here, the cashers took a small cut for themselves, while sending the bulk of the money to their employer via a wire transfer.
They managed to avoid detection for some time by keeping the transfers below the $10,000 threshold set by the anti-money laundering laws of the U.S. However, they routinely made payments of $9,900. A $10,000 transaction sends up a big red flag, a $9,900 transaction sends up a smaller red flag. It is these … Read More