A man has been sentenced to four and a half years in prison by a London court for selling criminals access to software that allowed them to compromise bank accounts.
Timmy Ijie pleaded guilty to charges of supplying computer software for fraudulent purposes and money laundering. He sold access to this service to other criminals through an encrypted messaging system for $700 per month, with payments made in cryptocurrency. The service was purchased over a thousand times, generating more than £1 million in sales.
The software enabled users to deceive individuals into revealing their personal banking information, which was then exploited to bypass bank security systems, according to authorities. Alistair Dickson of the Crown Prosecution Service stated that Ijie boasted on social media about the success of the software in facilitating fraud.
He noted that Ijie bragged about the software being used to defraud over 150 victims in just one day and shared positive testimonials from criminals who had successfully utilized it.