web analytics

Fake #escrow : Romanians arrested for running an online #crime ring for a decade

Two Romanians were convicted by the US court system, after they engaged in a decade-long activity of spreading computer malware, and using a network of fake escrow services to collect funds from as many as 400,000 victims.

According to testimony at trial and court documents, Nicolescu, Miclaus, and a co-conspirator who pleaded guilty, collectively operated a criminal conspiracy from Bucharest, Romania.

Their crime spree began in 2007 with the development of proprietary malware, which they disseminated through malicious emails purporting to be legitimate from such entities as Western Union, Norton AntiVirus and the IRS. When recipients clicked on an attached file, the malware was surreptitiously installed onto their computer.

During the process, the two Romanian criminals hijacked victims’ computers and stole credit card information.

According to the US Department of Justice web site:

“The defendants were also able to inject fake pages into legitimate websites, such as eBay, to make victims believe they were receiving and following instructions from legitimate websites, when they were actually following the instructions of the defendants.

They placed more than 1,000 fraudulent listings for automobiles, motorcycles and other high-priced goods on eBay and similar auction sites. Photos of the items were infected with malware, which redirected computers that clicked on the image to fictitious webpages designed by the defendants to resemble legitimate eBay pages.

These fictitious webpages prompted users to pay for their goods through a nonexistent “eBay Escrow Agent” who was simply a person hired by the defendants. Users paid for the goods to the fraudulent escrow agents, who in turn wired the money to others in Eastern Europe, who in turn gave it to the defendants. The payers/victims never received the items and never got their money back.

This resulted in a loss of millions of dollars.”

It’s mind-boggling that the scam of using a fake escrow designed to collect funds for non-existing goods was so successful.

Domain investors and other auction participants should know that Escrow.com is a great solution to ensure that payment for goods is matched by the delivery of the products paid for.

Escrow.com is the world’s most secure payment method from a counterparty risk perspective – safeguarding both buyer and seller; all funds transacted using escrow are kept in trust, and the company has achieved over $3 billion dollars in transactions.

For more information on how to protect yourself from online transaction scams, visit Escrow.com, a DomainGang sponsor.

Copyright © 2021 DomainGang.com · All Rights Reserved.

Leave a Reply

Your email address will not be published. Required fields are marked *

 characters available