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.
- Country:
- Germany
In a major crackdown, German and Bulgarian authorities have dismantled over 1,400 illegal cybertrading domains across Eastern Europe. The operation, named 'Operation Heracles,' was a collaborative effort involving Baden Wuerttemberg state criminal police, BaFin, Europol, and Bulgarian officials.
Fraudsters used these domains through call centers abroad, luring investors into fake trading schemes. BaFin's Birgit Rodolphe highlighted the increasing sophistication of criminals who exploit artificial intelligence to generate deceptive websites and trap unwary investors.
This initiative builds on an earlier effort that shut down 800 domains, thwarting around 20 million attempts to access these sites. Authorities assert that these measures cripple the technical infrastructure vital to the fraudsters' operations.
(With inputs from agencies.)
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