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Law enforcement officials in the UK have shut down an underground website that specialized in helping cybercriminals commit their crimes.  The site, called DarkMarket, was kept secret and access was granted by invitation only.  Its forum allowed cyberthieves to buy and sell stolen banking details and credit card numbers obtained via phishing scams and website hacks.  It also served as a learning tool, providing information on how to commit various online crimes.

The bust is the result of an undercover operation by the FBI. 60 arrests have been made (11 of them in the UK) as a result.  Authorities said the site had over 2,000 members.  These criminals made huge profits from the stolen credit and banking info.  Authorities said one man could have made over 10 million pounds (roughly $17 million US) with the info he bought.

“The people involved in this kind of activity have a certain arrogance—they think they are untouchable,“ said Sharon Lemon, SOCA(the UK’s Serious Organized Crime Agency)‘s Deputy Director of E-Crime. “The message today is that no one should feel confident that these forums are a secure place to operate.“

It’s very likely that after a period of lying low, the site will rise again in another form.  However thanks to operations like this one, the criminals that use it will be constantly looking over their shoulders, knowing that it may only be a matter of time before the authorities come knocking again.

Read[Reuters]

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Sprint announced yesterday MyMoneyManager, an all-in-one application for their customers’ mobile phone.  This application allows users to send payments through Paypal and quickly access their bank accounts all from their mobile phone.  Is it the economic times that prompted this inspired thinking? 

Show me the money

Sprint calls it an industry first: Paypal payments transacted via your phone.  Hit the jump to see if your bank is included, if the app is secure and what does Sprint have in the works for the future.

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Mobile banking is slowly catching up as mobile carriers continue to integrate this technology in their system. Today, Verizon Wireless has announced that it is extending its mobile banking solutions to their customers who use a BlackBerry Curve 8330, BlackBerry Pearl 8130 or a BlackBerry 8830 World Edition smartphone. Too bad I don’t own any of these devices!

These lucky guys and gals can easily use their BlackBerry devices to pay bills, check transactions, monitor account balances and transfer payments. A very convenient way indeed if you ask me, particularly if you’re always on the go.

However, I know that not all share the same sentiment. Security remains to be the biggest issue even though Verizon Wireless and other mobile carriers continuously advertise their safety measures such as multi-factor authentication, encryption technology, and 6-digit PIN requirements. It reminds me of the same route traveled by online banking before going mainstream.

Other smartphones compatible with mobile banking app include LG Voyager, FlipShot, MOTORAZR, LG VX940, Samsung’s Juke and Alias. The app is free of course but data charges apply.

Read [PR Newswire]

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