Spanish police break credit card fraud ring

Police in Spain, working with their counterparts in the US, have broken up the largest credit card fraud ring ever seen in the country and possibly in Europe.

According to Spanish TV reports, the Bank of Spain has been assisting in the investigation, which started when police arrested 23 people late last week.

According to the Spanish Interior Ministry, the fraudsters were from around the world and stole card details from Canadian, Chinese, Malaysian, Singaporean and various European country citizens.

This information was then cloned on to forged cards which were, says the Ministry, of exceptional quality.

US newswires, meanwhile, say that the brains of the operation were from Malaysia and Singapore and tapped into hacker resources in Russia and the Ukraine to assist in their scheme.

The scam was only unearthed when some of the fraudsters got greedy (now there's a surprise -Ed) and returned their purchases later on for a cash refund.

Police are reported to have searched 11 homes in Madrid and seized 25 computers, cash in three different currencies, 17 card making and reading machines, 1,482 credit cards plus assorted fake passports and driving licences...