The Vienna police recently disrupted a $1.26 million crypto fraud operation known as “Rip-Deal 2.0,” leading to the arrest of a 39-year-old suspect in Milan, Italy. The suspect, who had a history of past convictions, was sentenced to three years in prison by a regional court. This scam involved victims exchanging cryptocurrency for counterfeit cash, with the suspect found to be in possession of €200,000 in fake money. Chief Inspector Gerald Goldnagl stated that these types of crimes are often carried out by organized gangs from the Western Balkans.
The investigation into the Rip-Deal 2.0 scam began in 2021 when a private investigator assisting victims contacted the Vienna police. The alleged scammers posed as businessmen, offering to help a man sell a flat in Italy in exchange for a commission. They paid the seller with counterfeit money, leading to their detection. Detective Valentin Szaga-Doktor emphasized the importance of photos and voice recordings in identifying the suspect, known as “Kennedy.” The investigation expanded to include more cases linked to the same individual, with victims scattered across Austria, Switzerland, and Germany.
One Austrian businessman almost lost €131,000 when scammers tried to convince him to transfer cryptocurrency in a fraudulent industrial machinery deal. Fortunately, his daughter, a police officer, recognized the warning signs and alerted authorities, preventing the loss. Detective Mario Kaintz praised the group’s cunning methods, including using hidden cameras to spy on victims’ phone screens during sensitive meetings. Dmytro Yasmanovych of Hacken suggested using anti-surveillance tools like camera detection devices and signal-blocking technologies to prevent such scams.
Yasmanovych recommended using signal blockers, which are radio frequency jammers that can detect surveillance cameras in the 900MHz to 2499MHz range. However, radio jammers are illegal in many jurisdictions, so it’s essential to adhere to local laws. Light detection devices are also effective in detecting reflective lenses on cameras or infrared signals emitted by night vision cameras. The Viennese police’s Rip-Deal fraud unit has resolved 102 cases with €25 million in damages since 2020, but many cases likely go unreported due to victims fearing implication, especially when counterfeit money is involved.
To build trust with cybersecurity firms and law enforcement, Yasmanovych suggested creating anonymous reporting mechanisms and assuring victims of sensitivity and confidentiality. By offering support to victims of crypto fraud, authorities can encourage more individuals to come forward with information, leading to the apprehension of scammers and the prevention of further financial losses.Overall, the Vienna police’s successful disruption of the Rip-Deal 2.0 scam serves as a reminder of the importance of vigilance and caution when engaging in cryptocurrency transactions. By staying informed about common scams and utilizing anti-surveillance measures, individuals can protect themselves from falling victim to fraudulent schemes.
