Four high school students have been arrested on charges they helped organized cybercrime gangs launder money earned from phishing and other online fraud.
The students are believed to be only the first to be picked up in the scheme, said to involve a Russian-based group operating in Sydney and scamming over $600,000 by stealing banking details through backdoor Trojan horse programs that caught passwords and other details secretly, according to the Australian news media.
"Criminal gangs are getting more and more sophisticated with their tricks to make millions of pounds out of innocent people," Graham Cluley, senior technology consultant for online security firm Sophos, said in a statement after learning of the teens' arrests.
"Tempting naive teenagers with the opportunity of making a quick buck is another one of their schemes," Cluley continued. "It's reassuring to all online bank customers that these criminals are being uncovered and charged, however, users should still be on their guard when banking online."
The students got involved in the first place, authorities said, when they were tempted by shares of the money. One of the students is believed to have been paid $1,300 to launder about $98,000 worth of funds siphoned off in a phishing scam, with the laundering done by the student going through her bank to accounts in eastern Europe.
Sophos said nine other arrests in the case were made, including possibly two of the Australian ringleaders, while other reports indicated 15 further arrests are expected over the next several weeks. Authorities are said to believe the final tally of stolen monies could hit the millions.
