German authorities announced on Tuesday that they had carried out a synchronized operation targeting suspected fraud and money laundering networks that exploited German payment service providers, resulting in damages totaling hundreds of millions of euros. The operation led to the arrest of several individuals and the execution of searches in multiple countries including Germany, Italy, Canada, Luxembourg, the Netherlands, Singapore, Spain, the U.S., and Cyprus, as revealed by the Federal Criminal Police Office (BKA).
The suspects are alleged to have utilized credit card information from victims in 193 different countries. The BKA stated that the accused individuals allegedly compromised four major German payment service providers to facilitate illicit transactions. The damages from these activities are estimated to be in the “mid-three-digit million [euros] range.”
Further information regarding this operation is expected to be disclosed during a forthcoming news briefing scheduled for Wednesday.
