Cybercrime has become a very real problem in most countries. In some regions, the activity is a lot more tangible compared to others. European police officials successfully took down a 95-man crime ring responsible for massive online fraud. An interesting development, although only a drop in the proverbial bucket.

Putting an end to financial crime has been problematic. This is not just native to Europe, but rather the entire world. Especially where online fraud is concerned, there’s plenty of room for improvements. A group of 95 criminals successfully set up fake e-commerce platforms to steal payment card details. This activity netted them around EUR8 million over the course of several years.

Another Darknet Crime Ring Shut Down

Putting one’s trust in online web shops is difficult enough. That issue is only compounded by incidents like this one. Over 20,000 fraudulent transactions using stolen payment cards were completed. It is a very troublesome development which was eventually shut down by police officials.

DCPU head Glyn Whittick comments:

“The success of these operations shows how through close cooperation with our European partners, retailers and the financial sector, we are cracking down on the criminal gangs targeting consumers online. People should remember when shopping online that if an offer seems too good to be true, it probably is.”

These web shops proved to be successful due to their very cheap product prices. None of the good were ever shipped directly from the site owners, though. Instead, they harvested the payment card data and either used it themselves or sold the information on the darknet. Prices for such information have fallen dramatically on the darknet, mainly due to the abundance of card information.

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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