Bangladesh, Nov. 6 -- In a sweeping international law enforcement operation, authorities from across Europe and beyond have dismantled one of the most sophisticated credit card fraud schemes in recent years. Dubbed Operation Chargeback, the coordinated crackdown targeted an expansive cybercrime network responsible for defrauding more than 4.3 million cardholders worldwide and causing an estimated €300 million ($344.7 million) in financial losses.

According to statements from Europol and Eurojust on November 5, the joint effort led to the arrest of 18 suspects, including five high-ranking executives from four German payment service providers allegedly complicit in facilitating the fraudulent transactions. The operation spanned ten c...