A highly sophisticated cybercriminal campaign , dubbed as "Eurograbber" , enabled criminals to steal more than $47 million (€36 million) from more than 30,000 bank accounts belong to corporate and individuals across Europe.

The finding comes from a case study published by Security firm Check Point and online fraud prevention solutions provider Verasafe .

According to the case study, the attack began in Italy, and soon after, tens of thousands of infected online bank customers were detected in Germany, Spain and Holland.

The campaign starts when a victim unknowingly clicks a malicious link in a spam email or possibly through general web surfing. Clicking on the link directs them to a site that attempts to drop the Banking Trojan - a malware that steals Bank login credentials.

The next time the victim logs in to their bank account , the Trojan intercepts the session and displays fake banking page that informs the customer of the “security upgrade” and instructs them on how to proceed.

The page recommend user to input their smartphone OS and phone number. Once victim gave the phone details, the Eurograbber Trojans sent SMS with a link to a fake "encryption software"- in fact, it is "Zeus in the mobile" (ZITMO) virus.

Once the Eurograbber are installed on the victims' PC and smartphone, the trojan lays dormant until the next time the customer accesses their bank account. When victim log in , immediately it transfers victim's money to criminals' account.

The Trojan then intercepts the confirmation text message sent by the bank, forwarding it to C&C server via a relay phone number. The server uses the message to confirm the transaction and withdraw the money.