Bangalore: An international ring of cyber criminals have built a vast and massive fraud banking system that is said to be targeted against the wealthy and rich people. According to security vendors, the attack is aimed at their European bank accounts and already there are reports of people being victimized.

According to McAfee, the group targets accounts with $300,000 to $600,000, and attempts to transfer as much as $130,000 to bogus business accounts. But still there are no exact number on how much money was stolen and how many people are being victimized.

It’s said that this group initially started targeting banks in Europe which later expanded to Latin America and now to the United States. McAfee along with Guardian Analytics have been investigating the case over the last six months and they have made clear that the group is using cloud technology as their platform and have a great knowledge in banking transactions and uses a number of servers.

According to Dave Marcus, director of advanced research and threat intelligence at McAfee Labs, "The automated nature of these attacks really require that kind of server or cloud functionality, it can't all take place on the host. All of the logic and all of the sophistication really does reside on that server."

McAfee also stated that the groups are quick in changing their place of operations as they were first found in Italy, followed by Germany and Netherlands. In March the group was found operating in Colombia and one of the servers were targeted to United States.

It all starts with a fake email that resembles to the recipients bank. On opening, a fake form with fields will be launched and on filling the details the information’s are stolen and used to perform fund transfers.

The surprising thing is that the hackers had an impressive knowledge on banking transactions, procedures and servers. Also it’s shocking that how they are using the cloud platform to their advantage. You can't make a fraudulent transaction look like a valid transaction, if you don't know what you're doing," Marcus said. "And these guys know what they're doing."