Europol has recently announced that the members of one of the most lucrative counterfeit currency networks in Europe were arrested. As a result of their illegal activities, illicit products appeared on the marketplaces on the dark web marketplaces. More specifically, they’re already in many European countries. To know more about the case and find out who can help you with chargeback insurance providers, just read below.
5 Counterfeiters Arrested
Polícia Judiciária, the Portuguese Judicial Police, has put an end to the activities of Europe’s 2nd biggest counterfeit currency network on the dark web. Europol has provided its support in this regard.
According to Europol, 5 individuals are now under arrest: they’re being accused of counterfeiting and organizing crime. In fact, counterfeit banknotes worth more than 1.43 million U.S. dollars were seized mostly in France, Germany, Portugal, and Spain.
This isn’t the whole story: other items, including computers, printers, security paper with security thread incorporation, holograms and self-adhesive holographic bands, ultraviolet inks and ink cartridges that the counterfeiters had used were also seized.
The investigation was followed by 8 domestic and non-domestic searches in Portugal. 1 833 counterfeit banknotes: 1 290 €50 banknotes and 543 €10 banknotes were seized by the law enforcement officers.
With all this in mind, it’s critical to use the most advanced and reliable fraud prevention techniques that can help you better protect your business. For this, just turn to a reputable payment processing company provider that offers exceptional fraud prevention and chargeback mitigation services if you’re interested in chargeback insurance providers.
Counterfeit Currency: Fraudulent Transactions
The so-called dark web makes it easier to hide fraudulent transactions. Also, it allows for easily purchasing goods anonymously. This is all being backed by cryptocurrency trading. That’s the reason why Europol is going to start a new cryptocurrency training program aimed at helping its officers get a better understanding of cybercrime.
Dark web marketplaces are a perfect place for those involved in illicit goods trading, and counterfeit money isn’t an exception at all. “Fake Bills”, “USD4YOU”, “Cheap Euros”, “Cash Is King”, “Counterfeit Factory,” as well as other similar websites are only a few examples of the mentioned activity.
Europol reports that fraudulent currency is still a major law enforcement issue in developed economies. So, even the growth of digital payments, which has resulted in reduced use of physical cash, hasn’t eradicated the problem.
The reality is that the production of fake banknotes continues to be a lucrative business for criminal circles operating internationally. In fact, they benefit from the opportunities provided by the latest technology solutions to commercialize their illicit products. This way, they’re working on making the anonymity of buyers and sellers better protected.
To sum up, thanks to the efforts of the Portuguese Judicial Police, in cooperation with Europol, the activity of Europe’s 2nd biggest counterfeit currency network on the dark web is stopped. To avoid falling into the trap of fraudsters and stay away from fraudulent payment transactions, work with the right credit card processor in your field.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that can best help merchants interested in chargeback insurance providers. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.