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Cyber criminals may have stolen billions of dollars from a popular Brazilian online payment system using malicious software that caused the funds to be sent to accounts controlled by fraudsters, according to a research report released on Wednesday.

EMC’s RSA Security said cyber criminals have been using software known as Eupuds to steal funds from customers of Brazil’s widely used Boleto Bancário payment system, redirecting them to fraudulent accounts. RSA estimates that fraudsters sought to siphon off as much as 8.6 billion reais ($3.9bn) from more than 192 000 accounts, though the actual amount stolen could be less because researchers were unable to confirm which Boletos were actually paid out. They said they believe the operation is still ongoing and have offered to help Brazilian authorities crack down on the operation, which may have begun as early as late 2012.

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