Cybercrime ring uncovered in Brazil

A technology security company says it has uncovered a massive cybercrime ring in Brazil that may have stolen billions of pounds from a widely used online payment system.

The RSA Security division of EMC says in a research report that a “malware-based fraud ring” had infiltrated the online payment method known as the boleto, diverting payments to accounts held by members of the ring.

Boletos are used in a wide range of transactions, such as telephone, school tuition, mortgage and credit card payments.

The report said the scheme may have compromised close to 500,000 transactions over a two-year period. However, researchers were unable to determine how many boletos were paid.