A web of fake online subscriptions, ranging fromdating to streaming services, has been exposed as the front for one of thelargest credit card fraud operations in recent years.Discover how neo-banks become wealthtech in London at the fmls25Coordinated by Eurojust, the investigation culminatedthis week with 18 arrests across Europe and North America, highlighting fakewebsites, shell companies, and compromised payment platforms siphoned hundredsof millions of euros from unsuspecting cardholders.Targeting Digital Payments SystemsAccording to philenews, between 2016 and 2021, thecriminal network ran a sophisticated scheme that preyed on digital paymentsystems. Fraudsters stole credit card data and created nearly 19 million fakeuser accounts across 193 countries. They reportedly charged small, recurringpayments—usually below €50—to avoid detection. Each charge appeared legitimate,labeled vaguely to discourage scrutiny.“As traditional and decentralized finance merge,clearer channels for information-sharing between banks and virtual assetservice providers will greatly strengthen efforts to detect and disrupt illicitfinance,” Ned Conway, the Executive Secretary of the Wolfsberg Group during a GlobalConference on Criminal Finances and Crypto assets, as reported by Europol.Investigators estimate that the fraud generated atleast €300 million in confirmed losses, with attempted fraud totaling more than€750 million.The scale of the deception was amplified by insidercollusion. Five senior employees at four German payment service providers,including compliance officers, allegedly worked with the fraud networks.Read more: This New Crypto Scam Starts With “Congratulations, You’re Hired,” Kraken WarnsAuthorities say the perpetrators relied heavily oncorporate structures registered in Cyprus and the United Kingdom, designed toobscure ownership and frustrate refund efforts. These shell companies wereoften acquired through so-called “Crime-as-a-Service” providers, specializedoutfits that sell operational tools for criminal schemes.A Coordinated Global Effort The breakthrough came from Luxembourg, where theFinancial Intelligence Unit traced suspicious transfers linked to moneylaundering and misuse of company funds. Investigators searched severalcorporate offices and seized assets worth millions.Luxembourg’s findings were later shared with Germany’sKoblenz Public Prosecutor’s Office, where the two cases merged into a broaderEuropean probe.Crucially, information from a parallel investigationin the United States, led by the U.S. Attorney’s Office for the SouthernDistrict of New York, helped uncover the full scale of the fraud. Authorities from more than ten countries—includingGermany, Cyprus, Luxembourg, Spain, the Netherlands, Canada, the UK, and theUnited States—contributed to what officials describe as one of the most complexcybercrime investigations ever executed in Europe.“The misuse of crypto and blockchain technology forcriminal purposes is becoming increasingly sophisticated, complex andorganised. Investigating these crimes places a significant burden on the lawenforcement agencies of EU Member States,” added Head of Europol's EuropeanFinancial and Economic Crime Centre. This article was written by Jared Kirui at www.financemagnates.com.