Carding Action 2020 is an operation led by law enforcement agencies from Italy and Hungary and supported by the UK and Europol. It targets fraudsters selling and purchasing compromised card details on websites selling stolen credit card data, known as card shops, and dark web marketplaces. According to a press release issued by the Europol, during the three-month operation, 90 000 pieces of card data were analysed and prevented approximately €40M in losses.
Banking fraud is ever-prevalent and on the rise. The evolving technology is helping both the parties – the victim and the fraud – alike. According to the Global Banking Fraud Survey conducted by KPMG, “Over half of survey respondents globally experienced increases in both external fraud total value and volume. Increasing fraud typologies globally from 2015 to 2018 include identity theft and account takeover, cyber-attack, card not present fraud and authorised push payments scams.”