The FBI arrested and charged 53 US individuals accused of carrying out fraudulent internet-based activities, more exactly of operating a vast phishing operation and stealing at least USD 2 million from 2007 onwards. 47 more individuals, charged as co-conspirators, are set to be arrested by Egyptian authorities.

The phishing schemes mainly targeted Bank of America and Wells Fargo online banking users and were run from Egypt. Criminals sought to duplicate the bank’s online banking portals by creating authentic-looking replicas; mass email messages were subsequently sent to a great number of Bank of America and Wells Fargo online users, directing them to the false websites and asking them to enter their secret account login details, as well as other types of sensitive personal information such as their bank account numbers, Social Security numbers and drivers’ license numbers.

Once the criminals obtained access to users’ accounts, they would transfer money out of them into accounts owned by the US defendants involved in the scheme. The latter would subsequently withdraw the illicit funds and remit them to their Egypt-based accomplices.

The FBI operation, dubbed “Phish Phry” is said to involve the largest-ever number of defendants charged in a single cybercrime case.