German authorities announced on Tuesday that they had carried out a 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 Federal Criminal Police Office (Bundeskriminalamt, or BKA) reported that several individuals were arrested, and searches were conducted in various countries including Germany, Italy, Canada, Luxembourg, the Netherlands, Singapore, Spain, the U.S., and Cyprus.
The suspects are alleged to have utilized stolen credit card information from victims in 193 countries. The BKA revealed that the accused individuals allegedly compromised four major German payment service providers to facilitate illicit transactions. The estimated damages are believed to be in the hundreds of millions of euros.
Further information regarding the operation is anticipated to be disclosed during a press conference scheduled for Wednesday.
