SAO PAULO – A technology security company says it has uncovered a massive cybercrime ring in Brazil that may have stolen billions of dollars from a widely used online payment system.
The RSA Security division of EMC Corp. says in a research report released Wednesday that a “malware-based fraud ring” had infiltrated the online payment method known as the boleto, diverting payments to accounts held by members of the ring.
Boletos are used in a wide range of transactions, such as telephone, school tuition, mortgage and credit card payments.
The report said the scheme may have compromised close to 500,000 transactions over a two-year period with an estimated value of $3.8 billion. However, researchers were unable to determine how many boletos were paid.