The criminal organisation hacked into over 100 financial institutions in 40 countries More

A cybercrime mastermind who remotely instructed ATMs across Europe to dispense cash to waiting gang members has been arrested.

The criminal organisation hacked into over 100 financial institutions in 40 countries and caused cumulative losses of more than €1bn (£872m).

After infecting the financial institutions' computer networks through spear phishing attacks against their employees, the group arranged for thousands of ATMs across Europe to dispense cash to waiting money mules.

It also used the e-payment network to directly transfer money out of the victim organisations and into criminal accounts.

In some cases, the criminals modified databases with account information to show certain bank accounts with inflated balances - with money mules again being used to collect this cash.

The leader of the organised crime group, whose has been identified as Ukrainian and is known only as Denis K, was arrested in Alicante by the Spanish national police after an international investigation coordinated by Europol.

The range of countries affected by the malware. Pic: Europol More

Alongside the mastermind, the hackers who had written the two strains of malware in the attacks - known as Carbanak and Cobalt - as well as the mule networks and the money launderers, were also arrested.

The Ukrainian cyber police have released an image of a man whom they identify as being part of the international hacking group.

In a statement, the agency said that it believes it has identified all of the members of the group and they are believed to be in the territory of the Russian Federation.

A picture of a 'Cobalt' group member released by the Ukrainian cyber police More

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