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Hackers accessed global banking with phony pet stores, lies

The allegations illustrate the challenge facing banks and credit-card processors already under heightened pressure to detect suspicious transactions and thwart money laundering.

By Elizabeth Dexheimer, Bloomberg | Updated on November 11, 2015
To move money through the global banking system, conspirators allegedly disguised recipients as pet-supply and dress stores. (Photo: Thinkstock)

(Bloomberg) — Criminals hoodwinked banks, credit-card networks and a payment-security firm while moving hundreds of millions of dollars, according to the U.S. government. It won’t be easy to stop it from happening again.

As U.S. prosecutors announced indictments Tuesday against a hacking ring linked to stock manipulation, gambling and fake pharmaceuticals, details emerged that made payments specialists wince. To move money through the global banking system, conspirators allegedly disguised recipients as pet-supply and dress stores. When financial firms raised alarms, the group feigned shock, paid fines and opened new accounts. And in a twist that turned heads, it even hacked a security company that was supposed to detect its ruse.

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