The London Metropolitan Police has arrested more than 100 people in what it calls “the UK’s biggest ever fraud operation.”
The arrests were made after the police had taken down a fraud website called iSpoof.
iSpoof has been used on 200,000 potential victims in Britain alone.
iSpoof allowed scammers to pose as officials from banks such as Barclays, Santander, HSBC, Lloyds, Halifax, First Direct, Natwest, Nationwide, and TSB.
According to the police, criminals paid for the service in bitcoin.
Scotland Yard’s Cyber Crime Unit worked in cross-national cooperation, including authorities in the U.S. and Ukraine, to take down the site this week.
The Cyber Crime Unit began investigating iSpoof in June 2021 and was able to trace bitcoin records.