The FBI and the U.S. Attorney's Office for the Southern District of New York yesterday announced 24 arrests resulting from what they described as the largest coordinated international law enforcement action in history directed at online trafficking in stolen credit card, bank account and other personal identification information.

"Federal officials said Operation Card Shop, as the sting is being called, was unusually broad and represented a significant step in combating credit card fraud, which has grown notably more sophisticated recently," writes The New York Times' Nelson D. Schwartz.

"While the sting netted 24 arrests across eight countries, authorities only shared the charges of 12 alleged hackers," writes CNET News' Donna Tam. "These individuals were charged with several counts of fraud, including selling personal data, using stolen information to purchase or obtain products, and selling tools to aid hackers in stealing information."

"Eleven people were arrested in the United States, the Federal Bureau of Investigation and the Manhattan U.S. Attorney's office said," writes Reuters' Basil Katz. "The thirteen others were arrested in countries from Britain to Japan, the authorities said. Officials in Australia also conducted searches."

"Among the notable arrests was Mir Islam, 18, of the Bronx," writes SC Magazine's Dan Kaplan. "Using the alias 'JoshTheGod,' Islam is the purported leader of the UGNazi hacking group, which has claimed responsibility for a number of infiltrations and DDoS attacks against corporations and government agencies."

"The operation was launched in June 2010, when the FBI set up an undercover carding site called Carder Profit to ostensibly traffic in stolen credit cards," writes Computerworld's Jaikumar Vijayan. "The site was configured to let the FBI monitor and record the activities and IP addresses of individuals who visited the site to sell, share or buy stolen payment card and financial data."

"Investigators uncovered 411,000 compromised credit and debit card numbers, they said, adding that they believed the bust prevented economic losses of more than $200 million," writes The Los Angeles Times' David Sarno.