Europol has overseen an international operation that took down a criminal group suspected of running a financial fraud operation using phishing attacks and identity fraud to persuade companies to release funds.
Police made 49 arrests, and the gang had members in Italy, Spain, Poland, the UK, Belgium and Georgia. The group is thought to have made some €6m in a short space of time.
Europol said that the criminals employed repeated man-in-the-middle attacks to make their way into the networks of European businesses.
The gang targeted medium to large companies to gain access to official email accounts, and then contacted regular clients and advised them to pay accounts or bills into a new bank account that was in fact managed by the criminals.
Europol's European Cybercrime Centre (EC3) searched 58 properties with involvement from the Joint Cybercrime Action Taskforce (J-Cat) and authorities in Italy, Spain and the UK. The suspects are said to be from Nigeria, Cameroon and Spain.
Collaboration between international agencies is vital in disrupting such criminal entities, according to Europol, and the EC3 and J-Cat are regularly involved in the breakups and shutdowns.
J-Cat is a group of security experts that has taken part in a number of operations against criminal gangs, including working alongside Intel and Kaspersky in taking down the Beebone botnet earlier this year.
"This successful operation shows the importance of international law enforcement working together with private industry to fight the global threat of cybercrime," said Europol deputy director of operations Wil van Gemert.
"We will continue our efforts to take down botnets and disrupt the core infrastructures used by cyber criminals to carry out a variety of crimes.
"Together with the European Union member states and partners around the globe, our aim is to protect people worldwide against these criminal activities."
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