Cyber fraud: "Operation Herakles": Authorities succeed in massive blow against investment fraudsters

German and Austrian authorities have launched a large-scale crackdown on technical infrastructure used by suspected investment scammers. As part of "Operation Herakles", 9,304 German phone numbers were identified and shut down over the past three months, used primarily for "Cyber-Trading-Fraud" via fake online trading platforms.

The scam involves victims investing large sums of money, which instead of being invested in financial markets, are transferred to foreign accounts or cryptocurrency wallets of organized crime groups, resulting in total loss for the victims. Since the start of "Operation Herakles", a total of 13,888 phone numbers have been blocked, including 13,397 German and 491 Austrian numbers.