Joint US-Spanish Operation Broke a Multi-Million Euro Credit Card Scam

The US Secret Service and Spanish police were working together on an operation when they shut down a criminal network. According to the reports, this criminal network acquired more than 12 million euros (USD 14.41 million) by a credit card fraud. The fraud extended across more than 15 states in the world. 

A Spanish National Police statement revealed that over 100 alleged members of the network were arrested in the trans-Atlantic operation. The network spanned over three US states and 15 countries in Europe, including Spain, Greece, Austria, Britain, Germany, Ukraine, and Denmark.

Multi-million euro credit card scam broken up in joint U.S.-Spanish operation https://t.co/BuYN2OFQIS #creditcard #fraud #Scam2021

— Rachel Smith (@RachelS65786323) February 4, 2021

Sources say that fraudsters took advantage of a loophole in the legal system that allows cardholders in the US to make transactions in Europe without any funds. However, banks in both regions settle transactions. 

Although transactions were rejected with time, vendors (complicit hotels, restaurants and bars) kept the money. The funds were then transferred back to the ring, which was headquartered in a hotel in Miajadas, a small town in Western Spain. Police say that they kept a handsome amount of money as commission.