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German Authorities Nix 1,400 Websites Used for Cybertrading Fraud
Operation Heracles disabled 1,406 illegal domains used in cybertrading scams that targeted German investors, with 20 million access attempts recorded, officials said.
- On Monday, German investigators and BaFin shut down 1,406 illegal domains in Eastern Europe under Operation Heracles with Europol and Bulgarian authorities.
- In recent years the scheme evolved into a mass phenomenon as perpetrators increasingly used AI to create illegal websites and run unlicensed fake trading platforms.
- Many victims did not realise for months that their money was not invested, as users were steered to brokers in call centres abroad who encouraged large deposits on manipulated trading platforms.
- Authorities said the takedown significantly weakened the criminals by disabling their technical infrastructure, and there have been 20 million attempts to access the fraudulent sites affecting consumers.
- This operation follows a June shutdown of 800 illegal domains, and perpetrators acting internationally deliberately target the German market and residents.
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15 Articles
German authorities nix 1,400 websites used for cybertrading fraud
BERLIN :German investigators and banking watchdog BaFin have shut down over 1,400 illegal domains in Eastern Europe that were involved in cybertrading fraud, officials said in a joint statement on Monday.Dubbed Operation Heracles, the probe was conducted by Baden Wuerttemberg state criminal police and BaFin,
Operation Heracles: Unmasking the East European Cybertrading Fraud
German and Bulgarian authorities led a crackdown on over 1,400 illegal cybertrading websites in Eastern Europe. Dubbed Operation Heracles, the operation involved shutting down fraudulent domains facilitated by brokers using AI technology to deceive investors. The closure follows a similar intervention in June affecting 800 domains.
With one blow against online fraudsters, numerous lock offers are offline. Since the seizure, the pages have been called up about 866,000 times, indicating a high number of victims.
Investigators have taken more than 1,400 fraudulent websites of cybercriminals out of the web.
Make big profits with a mouse click? If you click through the web, you will encounter a lot of supposedly lucrative offers. The authorities have now succeeded in beating cybercriminals.
In Germany, the police take 1406 domains off the net. Criminals have used the websites for cybertrading fraud to exploit victims financially.
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