Two-year security operation saves card industry $780 million

Two years of joint operations involving a number of national and international agencies has resulted in the closure of 36 websites suspected to be operating illegal card sales.

Operatives from the Australian Federal Police worked alongside members of the US’s Federal Bureau of Intelligence (FBI), the UK’s Serious Organised Crimes Agency (SOCA) and a number of official European departments to investigate allegations of sites using sales platforms to trade stolen credit card details.

According to reports, SOCA and the FBI were able to obtain nearly 2.5 million items from these criminal activities – including stolen personal and financial details potentially gained through fraudulent activities.

The authorities believe that they will be able to prevent the loss of around $780 million to the payment card industry (PCI) by passing the recovered information along to the card vendors to allow them to block future transactions and track down potential breaches.Commercial operators who accept card payments must adhere to the PCI compliance guidelines set out by the industry council in order to keep their client’s information safe from exploitation.The size and scale of this official operation goes to show the importance of getting these procedures right – and the costly outcomes should there be a breach due to negligence