Spain captures alleged mastermind of $1.2B cybercrime spree

The European Union's law enforcement agency says police in Spain have captured the alleged mastermind of a cybercrime gang that stole more than 1 billion euros ($1.24 billion) from financial institutions in a five-year spree.

Europol says the alleged gang leader was arrested in the coastal city of Alicante, 350 kilometers southeast of Madrid. It did not give the person's name or nationality.

Europol said in a statement Monday the gang used malware to target more than 100 financial institutions worldwide, sometimes stealing up to 10 million euros in each heist.

The gang sent phishing emails with a malicious attachment to bank workers. The software gave the gang remote control of infected machines, providing them with access to the internal banking network and infecting servers controlling ATMs.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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