Multi-million euro credit card scam broken up in joint U.S.-Spanish operation
04 Feb 2021

Spanish police working with the U.S. Secret Service have shut down a criminal network that pocketed more than 12 million euros ($14.41 million) via a credit card fraud that extended across more than 15 countries, authorities said on Wednesday.

More than 100 alleged members of the network were arrested in a trans-Atlantic operation, a Spanish National Police statement said.

It said the fraudsters took advantage of a legal loophole that allows U.S. credit card holders to make purchases in Europe with no funds, while banks on both continents settle the transactions.

Even though the transactions were eventually rejected, the vendors – in this case mainly complicit hotels, bars and restaurants – kept the money.

By Inti Landauro, Reuters, 3 February 2021

Read more at Reuters

RiskScreen: Tackling Financial Crime with Smart Technology

Count this content towards your CPD minutes, by signing up to our CPD Wallet

FREE CPD Wallet