34 arrested in Spain in operation against the Black Axe network

The Spanish National Police, working with the Bavarian State Criminal Police Office and Europol, have arrested 34 individuals linked to the criminal organisation known as Black Axe. The network is associated with a wide range of criminal activity, including cyber-enabled fraud, drug trafficking, human trafficking and prostitution, kidnapping, armed robbery and fraudulent spiritual practices. Authorities estimate the wider network generates revenues of billions of euros annually. During the operation, EUR 119 352 held in bank accounts was frozen and EUR 66 403 in cash was seized during house searches.

What this means for your organisation

Cyber-enabled fraud is largely driven by organised networks with money, people and time at their disposal, not by lone individuals. That explains why schemes such as CEO fraud and invoice fraud are persistent and well prepared. Arrests do not remove the threat, but they confirm that fraud against businesses is an industry, and must be met with fixed procedures rather than vigilance alone.

Berigo recommends

• Require verification through a known channel for all changes to bank details and for urgent payments.
• Set payment thresholds and dual authorisation above a defined level.
• Train the leadership team and finance function on concrete fraud scenarios.
• Establish a routine for rapid notification to the bank and police if a payment has gone out.

Source

• europol.europa.eu