Your card details cost criminals 7p

 

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Posted on 25 Nov 2008 at 17:09

The 'Underground Economy' - where criminals trade credit card details and online fraud related services - is flourishing, according to a recent report. Stolen credit card numbers cost as little as 7p to criminals, and the value of every credit card that can be bought online totals £3 billion.

The figures were released by Symantec's Security Technology and Response (STAR) organisation, who said that credit card information is the most advertised category of goods and services on the black market.

The team reckons credit card information is so cheap due to the multitude of ways those details can be obtained, its potential for high payouts and the speed at which payouts can be made. In one case, the STAR organisation found that financial accounts were cashed out online to untraceable locations in less than15 minutes.

The team also said that credit cards are easy to use for online shopping and that it's often difficult for online stores to identify fraudulent transactions they're complete and the fraudsters receive their goods. Also, credit card details are often sold in bulk, with discounts or free numbers provided with larger purchases.

"As evidenced by the report, today's cybercriminals are thriving off of information they are gathering without permission from consumers and businesses," said Stephen Trilling, vice president at Symantec STAR.

"As these individuals and groups continue to devise new tools and techniques to defraud legitimate users around the globe, protection and mitigation against such attacks must become an international priority."

Author: Dawinderpal Sahota