Europol claims foiling payment card scam worth $47.5M

By Busra Nur Bilgic Cakmak

ANKARA (AA) - The European Union's law enforcement agency claimed on Thursday of foiling a payment card scam, thus preventing online fraudsters from stealing €40 million ($47.5 million).

“Carding Action 2020, an operation led by law enforcement agencies from Italy and Hungary and supported by the UK and Europol, targeted fraudsters selling and purchasing compromised card details on websites...," Europol said in a statement.

“During the three-month operation, 90,000 pieces of card data were analysed and prevented approximately €40 million in losses."

Edvardas Sileris, the head of Europol’s European Cybercrime Centre (EC3), said the operation shows the importance of sharing information between private industries and law enforcement authorities “in combating the rising trend of e-skimming and preventing criminals from profiting on the back of EU citizens.”

Cybercrime is a growing problem, especially for EU states where internet infrastructure is well developed and payment systems are online.

The EC3 was established in 2013, and has made a significant contribution to the fight against online criminal activity.