The project has resulted in the arrest of 59 individuals, 32 prosecutions and 17 convictions as well as the disruption of five organized crime groups misusing electronic payments.
A total of 52,812 compromised card numbers were recovered during the operations, with estimated savings to the banking industry of over GBP 23 million. The EU-based criminals were misusing financial credentials in mainly remote overseas destinations.
The phenomenon of card-not-present (CNP) fraud is on the rise, accounting for 60% of all fraud losses on cards issued in the European Union, according to card fraud statistics published by the European Central Bank (ECB) in February 2014. An EU-funded project, dubbed Skynet, will be launched in February 2015, and will focus on international cooperation to combat online CNP fraud. Six EU Member States are involved in the project.
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