14 DAY TRIAL // A number of 36 website domains were seized by the Serious Organized Crime Agency (SOCA) in collaboration with the Federal Bureau of Investigations (FBI) and the US Department of Justice. They were all found to be trading illegally-obtained payment card details.
In the past two years, after collaborating with law enforcement agencies from Romania, Germany, US, Netherlands, Ukraine and Australia, SOCA has managed to recover 2.5 million pieces of personal and financial information that was maliciously obtained by cybercriminals.
The UK organization has sent the data to the financial institutions whose customers have been affected by the cybercriminal operations.
By taking out these fraudsters and their platforms, known as Automated Vending Carts (AVCs), SOCA representatives estimate that they have prevented fraud that might have cost individuals and companies more than £500million ($805 million or 610 million EUR).
Also, as part of this operation, three men suspected of running such AVCs were apprehended, one of which resided in Macedonia.
“This operation is an excellent example of the level of international cooperation being focused on tackling online fraud,” said Lee Miles, Head of Cyber Operations for SOCA.
“Our activities have saved business, online retailers and financial institutions potential fraud losses estimated at more than half a billion pounds, and at the same time protected thousands of individuals from the distress caused by being a victim of fraud or identity crime.”
While 36 websites may not seem that much compared to the total number of fraud-related domains, with each seizure a large number of unsuspecting individuals’ bank accounts are saved and law enforcement agencies gain more experience in combating these types of crimes.
In the meantime, users are advised to always keep a close eye on their personal and financial details to ensure that they don’t end up in the wrong hands.