Cyber crime is a huge business.
Turning virtual cash into real money takes skill and can be a big problem for cyber criminals since they only have a small window to act especially with things like credit cards as it won’t be long before the victim puts a stop on the card.
In a recent article, Ziv Mador, head of security research at Trustwave SpiderLabs told the BBC that tens of thousands of stolen card numbers are traded daily on the underground markets with details being taken from compromised websites or databases. What’s scary is it’s so easy to access what appears to be a legitimate site and before you know it, cyber criminals have all your details to be able to use and sell on.
While the card is only worth a few pounds, what’s done with it creates the profit. Cyber criminals are likely to use it for multiple, larger purchases like iPhones and Macbooks (which tend to hold their value more when they’re being resold) which they sell on and make their profit that way.
Gift cards are another popular way for criminals to profit. They purchase them using the stolen credit card details and then offer them to unsuspecting buyers at a discount.
Cyber criminals are turning to other ways to ‘launder’ cash, for example – using Uber for fake journeys!
To read the full story and to find out more about the criminal underworld of cyber-crime, click here.