INTERPOL Busts Major African Cybercrime Syndicate: The SilverTerrier Network

Abstract: In a breakthrough operation, INTERPOL and Nigerian authorities arrested 11 members of the 'SilverTerrier' group, a notorious African cybercrime network behind numerous global Business Email Compromise (BEC) scams. This blog post explores the scale of the bust and compares it to other major cybercrime operations.

The SilverTerrier Syndicate and Its Global Impact

The SilverTerrier cybercrime group has been at the forefront of Business Email Compromise (BEC) attacks, targeting thousands of organizations across the globe. Using sophisticated methods to intercept communications and impersonate trusted business partners, they managed to divert large sums of money into their control.

• The group is linked to over 50,000 BEC victims globally, with significant financial losses.
• Investigators discovered 800,000 compromised domain credentials from one suspect’s laptop.
• The suspects employed reconnaissance tactics, monitoring communications to time their fraudulent activities precisely when financial transactions were due.

Operation Falcon II: The International Effort to Dismantle the Network

INTERPOL’s Operation Falcon II, which ran for 10 days, culminated in the arrests of 11 members of SilverTerrier. This operation was a collaborative effort between Nigerian law enforcement agencies, INTERPOL, and cybersecurity firms like Group-IB and Palo Alto Networks.

1. The operation uncovered one suspect monitoring 16 companies’ communications to select optimal moments for fraud.
2. Seized data included domain credentials, mobile devices, and laptops, helping experts trace the money trail.
3. Authorities worked with financial institutions to block further fraudulent transactions linked to SilverTerrier.

Comparing the SilverTerrier Bust to Other Major Cybercrime Operations

The bust of the SilverTerrier group is one of the most significant African cybercrime dismantlings in recent years. Similar operations, such as those targeting the notorious Dark Web markets or large-scale ransomware groups, have also made headlines. What sets the SilverTerrier case apart is the scale and sophistication of their email scams, which have caused widespread financial harm across multiple industries.

• The 2020 takedown of the infamous Emotet botnet involved over 8,000 law enforcement officers from 12 countries, resulting in the disruption of a major malware network.
• The 2019 Operation Falcon I, a precursor to Falcon II, targeted BEC scammers in West Africa, which also involved high-level international coordination.
• Recent global efforts to combat ransomware have also seen significant arrests, with groups like REvil and Conti facing increasing pressure from international law enforcement.

Conclusion: A Step Forward in the Global Fight Against Cybercrime

While the dismantling of SilverTerrier is a major victory in the fight against cybercrime, it is clear that the battle is far from over. The increasing sophistication of BEC scams and the ability of cybercriminals to operate across borders make this an ongoing challenge for law enforcement. However, the success of Operation Falcon II serves as a reminder that international cooperation, intelligence sharing, and continuous vigilance are crucial to combating these threats. Companies worldwide must bolster their cybersecurity measures to stay ahead of the evolving tactics used by such criminal groups.