Serious threat: cyber fraud group exposed

Israeli cybersecurity company Sygnia exposed a cyber fraud group targeting large enterprises.

According to The Jerusalem Post, the criminals identified themselves as Elephant Beetle .

According to researchers, cyber fraudsters operate in South America, but can spread their attacks around the world.

& quot; The Elephant Beetle poses a serious threat due to its high organization and a secretive scheme with the help of which it intelligently studies the internal financial systems and operations of victims, '' said Ari Zilberstein, vice president of incident response in Sygnia.

Experts have been tracking the activities of cybercriminals for two years. The group attacks legacy Java applications that run on Linux and then uses an arsenal of more than 80 unique tools to examine the internal financial systems of a compromised organization.

Hackers inject malware that creates fraudulent transactions with small amounts of money … Ultimately, criminals seize millions of dollars on such transactions.