By John Leyden
The Register
Romania police arrested 20 suspected phishing fraud suspects on Wednesday.
Stefan Negrila, chief of the organised crime police in the western Romanian city of Timisoara, said the alleged hackers set up counterfeit banking websites that they used to trick surfers in Italy and Spain into handing over sensitive login credentials.
Phishing mule accomplices in the targeted countries then used these stolen credentials to "cash out" compromised accounts in a fraud whose losses might run into hundreds of thousands of euros, The International Herald Tribune reports

Full article here: Big phish