One other individual was arrested last night in New York as part of the same two year FBI undercover operation. The ages of those arrested in the U.S. ranged from 18 to 25.

The U.S. Attorney's Office for the Southern District of New York characterized the operation as the largest coordinated international law enforcement action against online "carding" operations that traffic in stolen credit card and financial information. Among those arrested on Tuesday were individuals from the United Kingdom, Bulgaria, Bosnia, Germany and Norway.

In a statement, the attorney's office said the undercover operation prevented more than 400,000 individuals from falling victim to cybercrime, and saved financial institutions from more than $205 millions in losses.

During the course of the investigation, the FBI notified 47 businesses, government organizations and education institutions of the breach of their network, the statement said.

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. 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.