Stolen Money Routed Through French Fintech Accounts In New Cybercriminal Scheme

Group-IB research reveals organized fraud networks targeting freelancer-focused fintech platforms (e.g., Revolut, Wise, N26) in France and Europe by harvesting identities via phishing and social engineering to open verified entrepreneur accounts that act as mule accounts; these accounts are then sold on dark web markets and used to rapidly move stolen funds across borders, contributing to large financial losses (credit transfer fraud losses across the EEA reached €2.5 billion in 2024) and making recovery difficult.