Three men could face 10 years each for operating subscription service.
Three men have pleaded guilty in a UK court after operating a website which assisted cyber-criminals in bypassing multi-factor authentication.
According to IT Pro, the website was operational between September 2019 and March 2021, when the page was shut down, and during this period, the NCA suggested the operators could have made as much as £7.9 million from the operation.
The subscription service gave hackers access to technology that would intercept one-time passwords used in a number of major banks’ multi-factor authentication mechanisms.
The group’s basic subscription package charged £30 a week giving them access to platforms including HSBC, Monzo, and Lloyds, enabling them to complete fraudulent transactions and drain victim’s accounts.
Written by
Dan Raywood is a B2B journalist with 25 years of experience, including covering cybersecurity for the past 17 years. He has extensively covered topics from Advanced Persistent Threats and nation-state hackers to major data breaches and regulatory changes.
He has spoken at events including 44CON, Infosecurity Europe, RANT Forum, BSides Scotland, Steelcon and the National Cyber Security Show, and served as editor of SC Media UK, Infosecurity Magazine and IT Security Guru. He was also an analyst with 451 Research and a product marketing lead at Tenable.
