Commercial Crime Bureau (CCB), which carried out investigations with the
support of the CCS Cybercrime Unit (CCU), reported that fraudsters had
published fake European banking guarantees on at least 29 different websites to
lure potential clients to invest in projects and finance schemes.
to CCS, the web addresses gave the impression that the scam sites were run by
either Euroclear Bank, the international clearing system for the settlement of
transactions in securities and Eurobonds, or Bloomberg, the information
services provider. Examples of these domain names are www.euroclear30.50megs.com and www.bloomberg.50megs.com.
were informed that advance fees of hundreds of thousands of dollars were paid for
the issue of these fraudulent guarantees, and the websites were used to
validate the documents," explained Jon Merrett, Assistant Director of
ICC's Commercial Crime Bureau and Cybercrime Unit. "The amounts
represented on the fraudulent sites ranged from 50 million to over 400 million
to being used to procure advance fees, reported Mr Merrett, these guarantees
were to be used in bogus High Yield Investment Programs (HYIP) which promised
high returns from low risk financial instrument trading.
CCS member network, the bank guarantees were confirmed to be fraudulent, and
Euroclear Bank and Bloomberg were alerted to the intellectual property
of all parties concerned, CCU coordinated the approach to the fraudster's
Internet Service Provider (ISP) who complied with their request to shut down
the offending sites.
shutting down the fraudulent sites in cases like this, we are not only
protecting investors from scams, but also helping companies such as Bloomberg
to maintain their reputation," said Mr Merrett. "The big risk is that
these frauds could rock the trust that the banking, finance and insurance
industries are built on."
can monitor the Internet for any breaches of a company's intellectual property,
and work with the relevant bodies to eliminate any fraudulent hyperlinks or
running a residential course on cybercrime from 20 to 25 May 2001. By
investigating case studies like the banking fraud announced today, course
participants will learn how internet crime could affect their company, and
which security measures to apply.
previously warned about this method of fraud on many occasions. The
international Monetary Fund (IMF) and the US Securities Commission (SEC), the
Federal Reserve Banks (FED) and Offices of the Comptroller of the Currency
(OCC) have also published similar warnings.