Global crackdown hits large-scale credit card fraud networks

Three far-reaching credit card fraud and money laundering rings that have pilfered over $344 million from more than 4.3 million individuals worldwide have been disrupted as part of the Europol and Eurojust-coordinated international law enforcement effort dubbed "Operation Chargeback," reports BleepingComputer.

Arrested in the Germany-led law enforcement operation were 18 individuals, including five German payment service provider executives who allegedly leveraged their firms' infrastructure to facilitate money laundering activities. Moreover, half a dozen other executives and compliance officers have been apprehended over alleged collusion with the fraud networks.

"Operation Chargeback is a testament to the power of international cooperation in dismantling complex criminal networks. By leveraging our analytical capabilities and facilitating cross-border coordination, we have been able to bring down the networks defrauding millions of credit card users worldwide," said Europol Executive Director Catherine De Bolle.

Such law enforcement action comes days after suspected money launderers behind a $689 million crypto fraud ring were arrested by European authorities.