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Nigeria cybercrime syndicate targeting 50,000 firms busted, 11 suspects arrested – Interpol
A high network cybercrime syndicate operating in Nigeria known as SilverTerrier, has been busted.
Eleven people suspected to be members of the gang were also arrested and found with 800,000 passwords targeting 50,000 companies and individuals, according to the latest report from Interpol released on Wednesday.
The international policing agency said the suspects appeared to have targeted as many as 50,000 different individuals and companies via so-called “Business Email Compromise.”
They are said to operate by intercepting emails, either via hacking into accounts or spoofing email addresses, and trick companies into sending funds to the fraudsters rather than business partners with whom they believed they were interacting.
BEC is said to remain the most costly kind of fraud to Americans.
According to the FBI’s most recent annual cybercrime report, losses totalled $1.8 billion in 2020 alone, with global losses estimated to be close to $5 billion in the years between 2018 and 2020. That makes it a far more financially damaging crime than ransomware, one of the better-known kinds of cyberattack.
The SilverTerrier gang is known as one of the more successful BEC fraud groups, said Interpol, adding that initial analysis of one of the 11 suspects’ computers indicated they were in possession of more than 800,000 usernames and passwords, which could potentially have been used to hack into company email accounts.
Another suspect was found to be monitoring conversations between 16 companies and their clients to divert legitimate transactions just as they were about to be made, Interpol said.
Nigeria’s assistant inspector general of police Garba Baba Umar said that working with Interpol, he was able to “give the order to hunt down these globally active criminals nationwide, flushing them out no matter where they tried to hide in my country.”
The report also quoted Craig Jones, Interpol’s director of cybercrime, as saying, “Interpol is closing ranks on gangs like SilverTerrier. As investigations continue to unfold, we are building a very clear picture of how such groups function and corrupt for financial gain… We know where and whom to target next.”
The report also stated that Money Team Cybersecurity company Palo Alto Networks tracked all BEC fraud coming out of Nigeria under the name SilverTerrier and found that among the nearly 500 different “actors” involved, they were “often connected through only a few degrees of separation on social media platforms,” showing links between over 120 actors.
Forbes also in the same report quoted Palo Alto as saying it had assisted in the Interpol investigation and provided details on some of the individuals arrested.
“This operation was novel in its approach in that it didn’t target the easily identifiable money mules or flashy Instagram influencers who are typically seen benefiting from these schemes. Instead, this operation focused predominantly on the technical backbone of BEC operations by targeting the actors who possess the skills and knowledge to build and deploy the malware and domain infrastructure used in these schemes,” the company post read.
The company claimed that one of those arrested had previously been apprehended by the FBI in 2018.
“His recent arrest marks one of the first known instances of a Nigerian actor being arrested twice for BEC,” it added. Another suspect was part of an organization called “The Money Team” or TMT , which has ostensibly legitimate businesses, including one that makes professional cakes and another that claims to be one of Nigeria’s biggest travel and tour providers.
Palo Alto claimed one of those arrested in Nigeria for BEC fraud was helping run a seemingly legitimate business.
“After compromising a patient zero, fraudsters analyzed their email correspondence. By enabling special filtering of emails, the cybercriminals ensured that interesting emails (containing payment information) addressed to the victim are first redirected to fraudsters’ fake email boxes or are hidden from the victim in service directories,” a company spokesperson told Forbes.
Group-IB provided Forbes with an example phishing email, showing how the gang posed as legitimate employees and encouraged swift payment into their bank accounts.
Uncategorized
Lagos-Calabar coastal road: Train track work begins 2025, says minister
Lagos-Calabar coastal road: Train track work begins 2025, says minister
The Federal Government plans to begin constructing train tracks on Section I of the Lagos-Calabar Coastal Highway in 2025.
The Minister of Works, David Umahi, made this announcement during an inspection of Sections I and II of the project, which are located within Lagos and being handled by Hitech Construction Company Ltd, on Friday, December 20, 2024.
The details of the announcement were published in a statement on the ministry’s official website on Saturday.
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“The President has given very serious attention to road infrastructure. Don’t forget that this Coastal Highway and, of course, the four Legacy Projects all have the train track incorporated. The construction of the train track for this section I is going to take off in 2025,” Umahi stated.
The Works Minister outlined plans to enhance the Lagos-Calabar Highway in Sections I and II of Phase 1, including solar-powered CCTV cameras, lay-bys every 5-15 kilometers, and security posts for improved safety and monitoring.
He announced that 20 kilometers of Section 1 are scheduled for commissioning by May 2025. The Federal Controller of Works, Engr. Olukorede Kashia, noted challenges such as large refuse dumps and unsuitable soil conditions requiring extensive remediation during the project.
Lagos-Calabar coastal road: Train track work begins 2025, says minister
Entertainment
Copyright: Court orders Adele’s song removed from platforms
Copyright: Court orders Adele’s song removed from platforms
A Brazilian court has ordered the removal of Adele’s 2015 song Million Years Ago from radio and streaming platforms worldwide following a copyright lawsuit filed by local composer Toninho Geraes.
The ruling, delivered by Judge Victor Torres, comes after Geraes accused the British singer of copying his 1996 classic Mulheres, originally performed by Brazilian artist Martinho da Vila.
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Geraes claims the track from Adele’s album 25 closely mirrors his 1995 composition, demanding recognition and compensation for the alleged infringement.
In the lawsuit, Geraes is seeking $160,000 in moral damages, lost royalties, and a songwriting credit on Adele’s track.
The court has also imposed a fine of $8,000 per act of non-compliance on the Brazilian subsidiaries of Sony Music and Universal Music Group.
Copyright: Court orders Adele’s song removed from platforms
Uncategorized
Marketers react after NNPCL slashes petrol price to N899 per litre
Marketers react after NNPCL slashes petrol price to N899 per litre
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has praised Dangote Refinery’s management for bringing the price of its gasoline down to N899.50K per litre.
PETROAN spokesperson Joseph Obele said in a statement on Thursday that the action is a huge relief for drivers and Nigerians in general.
“This price reduction, a decrease of N71 per litre from the initial price of N970, is a significant relief for motorists and Nigerians at large, especially during the holiday season,” PETROAN stated.
According to PETROAN president, Billy Gillis-Harry, Dangote Refinery’s price cut would lessen Nigerians’ suffering and lower living expenses over the holiday season.
“The price reduction will alleviate the suffering of Nigerians and reduce the cost of living and transportation during this festive period,” he said.
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Anthony Chiejina, a company representative, stated that the price cut is intended to reduce transportation expenses during the holiday season. Additionally, the refinery stated that customers could purchase an extra litre of fuel on credit for every litre of fuel purchased with cash.
In November, the privately held refinery reduced the price of its gasoline to N970 per litre. “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.
“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” said Chiejina.
News Direct earlier reported that oil marketers have continued to rely on imports to deliver gasoline across the country, even though two significant refineries in Nigeria started producing the fuel within the last three months.
According to data gathered last week, marketers imported 2.3 billion litres of gasoline between September 11 and December 5, 2024. This ongoing importation runs counter to previous declarations made by certain marketers who stated their intention to cease importing and instead concentrate on locally produced goods.
Marketers react after NNPCL slashes petrol price to N899 per litre
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