Europol


Criminals continue to profit from defrauding businesses and consumers.

The counterfeiting of money remains a serious problem for advanced economies, while electronic means of payment offer criminals new opportunities to commit fraud.

The growth of internet banking and of electronic means of payment has been a double-edged sword for consumers and businesses. While it has lessened the dependence on physical cash, it has also provided criminals with new opportunities to commit fraud.

Forging money

While currency forgery is expected to diminish over time as cash becomes less relevant in the digital age, banknotes will not be replaced entirely by electronic means of payment.

As a result, criminals will continue to forge banknotes. The raw materials used for currency counterfeiting will become even more widely available, particularly on the darknet, the hidden internet that exists beneath the “surface web”.

As the worldwide contact point for combating the counterfeiting of the euro, Europol is involved in all major currency forgery investigations in the EU. The agency coordinates joint investigation teams and provides financial and forensic support, as well as on-the-spot assistance, to law enforcement partners in the EU.

Payment fraud

Fighting payment fraud — in particular that involving credit and debit cards — is one of the three mandates of Europol’s European Cybercrime Centre (EC3). Through its Joint Cybercrime Action Taskforce (J-CAT), it has supported several high-profile cybercrime operations and investigations, such as Operation Imperium, which targeted an organised crime network active in payment fraud.

In its 2016 Internet Organised Crime Threat Assessment (IOCTA), Europol recommended that EU law enforcement focus on the following operational areas:

  • ATM malware and skimming devices
  • E-commerce fraud with a focus on the transport (airlines), retail and accommodation sectors.
  • The acquisition and trading of compromised financial data
  • and credentials:

Europol has also stepped up activity against CEO fraud cases in Europe. In these cases, fraudsters posing as the CEO or a member of the senior management team in a company trick an employee at the company into wiring funds to them. 

Number of items found: 211
Type
Target group
  • 09Mar2017

    Crime in the age of technology – Europol’s Serious and Organised Crime Threat Assessment 2017

    News/Press release
  • 18Jan2017

    Global conference on countering money laundering and the misuse of digital currencies

    News/Press release
  • 16Dec2016

    Third Strategic Meeting on Payment Card Fraud

    News/Press release
  • 15Dec2016

    Europol and Italian law enforcement authorities dismantle counterfeit currency printshop

    News/Press release
  • 14Dec2016

    Europol becomes ISO/IEC 17020 accredited for forensic examination of banknotes

    News/Press release
  • 13Dec2016

    Five arrests in major online fraud and money laundering operation

    News/Press release
  • 12Dec2016

    Suspected criminal network smuggling Iranian migrants into the UK tackled

    News/Press release
  • 08Dec2016

    Eight arrests in counterfeit euro operation supported by Europol

    News/Press release
  • 01Dec2016

    ‘Avalanche’ network dismantled in international cyber operation

    News/Press release
  • 01Dec2016

    Operation Avalanche - Infographic - Technical

    Publication/Document
  • 01Dec2016

    Operation Avalanche - Infographic

    Publication/Document
  • 22Nov2016

    178 arrests in successful hit against money muling

    News/Press release

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Source URL: https://www.europol.europa.eu/crime-areas-and-trends/crime-areas/forgery-of-money-and-means-of-payment?page=8