German authorities announced on Tuesday that they had carried out a globally coordinated 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 various countries including Germany, Italy, Canada, Luxembourg, the Netherlands, Singapore, Spain, the U.S., and Cyprus, as reported by the Federal Criminal Police Office (BKA).
The suspects allegedly utilized stolen credit card information from victims across 193 countries. The BKA disclosed that there are suspicions that the perpetrators compromised four significant German payment service providers to facilitate illicit transactions. The total damages are believed to be in the “mid-three-digit million [euros] range.”
Further information regarding the operation is expected to be shared during a press conference scheduled for Wednesday.