Europol Targets Payment Card Fraud With New Cybercrime Unit

europolA new cyber crime unit has been launched in EU with the name of EC3, the unit has been established at Hague, and the main purpose behind the formation of this particular unit is to get hold of the cyber criminals within EU. Rise of cyber crimes have become one of the major concerns for an economy during recent year and many governments are introducing new technologies and laws to combat it. This particular unit will be investigating on all the cyber crimes in particular online frauds and crimes that “cause serious harm to the victim such as online child sexual exploitation”. The unit’s prime aim would be secure EU’s prestigious databases and other infrastructure from being hacked.

But, the most initial case for the group would be to deal with a payment card fraud case. Although during recent time there haven’t been many cases in EU related to this particular cyber crime. Even though, according to the official statistics, 726.9 million cards were issued in the year 2011 in EU. There has only been 1.5 billion euro fraud being done by the organized cyber crime groups.

The main concern is that this particular hasn’t done from the cards made by the EU’s banks, but, from outside duplicate cards has been made and are used for carrying out fraudulent activities. Within, European Union the magnetic strip cards are now less in use more cards with PIN code are in pursuit. The criminals seem to be making duplicate cards and are using them for online purchase, email orders and at the cash machines which do not permit the users to enter a pin code. While investigating where all the data regarding these cards has been gathered a shocking fact came to the light, according to the Europol official:

“Most of the credit card numbers misused in the EU come from data breaches in the US”

So, now everything is clear for the unit they are now trying to investigate who the actual criminals behind all this are they might also need the investigation carried over the breached databases within U.S.

Waqas

Waqas Amir is a Milan-based cybersecurity journalist with a passion for covering latest happenings in cyber security and tech world. In addition to being the founder of this website, Waqas is also into gaming, reading and investigative journalism.