October 20, 2017
October 16, 2017
Posted February 27, 2015
EC3 Supports 18-Month EU-Funded “Project Sandpiper” to Stop Payment Card Fraud in Its Tracks
The latest statistics published by the European Central Bank reveal that card-not-present (CNP) fraud is on the rise accounting for 60% of all fraud losses on cards issued in the European Union. To address the problem, Europol’s European Cybercrime Centre (EC3) has launched several investigations.
Initiated by UK authorities and supported by Europol’s European Cybercrime Centre (EC3), Project Sandpiper took out after the bad guys. The score after eighteen months: 59 arrests; 32 prosecutions; 17 convictions; 52,812 compromised card numbers recovered; £23 million ($35 million) estimated savings to the banking industry; and the disruption of 5 organized crime groups misusing electronic payments mainly in overseas destinations.
Troels Oerting, head of EC3
An article on eurasiareview.com quotes the former head of the European Cybercrime Centre, Troels Oerting, who said, “The criminal networks involved in this sophisticated electronic payment crime have been taken down as a result of many months of hard work by police officers and prosecutors in the European Union. Through the international cooperation of law enforcement authorities, the European Commission and Europol, as well as cooperation with the financial industry, European customers’ payment transactions are safer. We continue our fight against this crime. The criminals continue to develop new methods for stealing our identities, money and ideas online, and we have to continue and further develop operations like Sandpiper and Skynet. [Skynet is the codename of a new EU-funded project. Just launched, it focuses on international cooperation to combat online CNP fraud. Six EU Member States are involved.]”
A joint EU effort
According to the eurasiareview.com story, Europol’s information and analysis systems are used to exchange and cross-check the intelligence received from member states.