Payment Card Fraud by Organized Crime in the EU

in Transnational Crime

Organized crime groups working in the European Union earn over $1.9 Billion (€1.5 Billion) a year from payment card fraud within the region. The gang members steal information from credit cards, debit cards and ATM cards.

The Associated Press stated that many of these types of criminals are based in Romania. Due to its history under the Communist dictator Nicolae Ceausescu, Romania has a strong history in mathematics and coding, and the organized crime groups have tapped into these skills. The AP further stated that students in Romania are often more advanced in mathematics than other students across the EU.

(Additional examples of racketeering and extortion by organized crime.)

Source:  Associated Press, “World Grapples With Rise In Cyber Crime,” NPR, May 11, 2013.

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