June 27, 2012- Law enforcement authorities in the U.S. and overseas have arrested 24 people in a credit card fraud scheme on the Internet, following an extensive operation undercover. In New York, two people were arrested, nine in other places in the U.S. and 13 were apprehended in another dozen countries said a FBI spokesperson.
The operation by law enforcement officials was called unprecedented. The sting was named Operation Card Shop and undercover officers created a bazaar online to help catch buyers and sellers of credit card that had been stolen and other private personal financial information. The operation also focused on people who produced the actual credit cards that are used to purchase merchandise.
Over the last few years, thefts of credit cards have increased tremendously, with processors of credit card transactions and major banks trying to find ways to protect themselves against cybercriminals who are becoming much more sophisticated.
In the region of Eastern Europe is where the most sophisticated of all hackers are located, but today links to large criminal organizations across the globe are being seen.
Authorities said the undercover operation prevented possible losses of over $200 million. In all, providers of credit cards were notified of close to 400,000 debit and credit cards that had been compromised, said law enforcement officials.
The online bazaar the authorities set up sold credit card information, bank accounts, tips on hacking, malware, access to good that were stolen such as iPhones and iPads and more.