A sting operation led to the arrest of 49 suspected members of a cyber crime syndicate in Europe. The suspects were believed to have stolen millions from various bank accounts all across Europe, Europol reported.

"The parallel investigations revealed international fraud totaling 6 million euro accumulated within a very short time", the statement said.

Additional reports indicated that local authorities, as well as Belgium and UK police officials had raided 58 locations, as part of a series of cyber-crime investigations that involved online phishing scams.

Most of the suspected cyber criminals were believed to have come from Nigeria and Cameroon, caught doing illicit banking transactions and laundering money into different bank accounts by using a sophisticated network scheme.

In earlier reports, various international law enforcement officials stated that much needed cooperation coming from private sector businesses was vital in solving cyber crimes.

Police officials reiterated that such cooperation from businesses, would be a significant tool in collecting proof and evidence needed in disrupting cyber criminal infrastructure efficiently.

Deputy Director of the National Cyber Crime Unit (NCCU), Andy Archibald told reporters that cyber threats are globally imminent.

"The cyber threats are the same around the world, and the criminals operating in the UK are also operating in Europe and the US," said Archibald.

He added, "Therefore, the response must be joined up. Our understanding of the threat and collection of intelligence and evidence must be coordinated."

It is a known fact that private businesses chose to absorb the financial losses resulting from "cyber crimes", so as not to alarm its clients and to avoid damaging its reputation in the business sector.

In a related report, FBI Assistant Legal Attache Michael Driscoll also stated that Information Security Officers working in the private businesses often encounter proof of cyber crime enabled acts, faster than law enforcement agencies and police units.

Driscoll relayed that around 22,000 reports are made to the FBI's internet crime complaint center each month, but that is only about 10% of what actually goes on.