Cybercriminals are flourishing in the global marketplace and reaping huge profit at consumers' expense, according to a new Symantec Report on the Internet Underground Economy.
The security firm discovered just how lucrative online fraudsters, who range from loose collections of individuals to organised and sophisticated groups, have become.
By drawing data from underground economy servers, Symantec’s Security Technology and Response (STAR) organisation determined that if cybercriminals liquidated their goods inventory, they can earn upwards of US$276 million during a 12-month period.
In addition, the potential worth of credit card information as well as bank credentials would total a whopping $7 billion for the period between July 1, 2007 and June 30, 2008, the report estimates.
Credit card information is the most advertised category of goods and services on the underground economy, accounting for 31 per cent of the total, the study found. While stolen credit card numbers sell for as little as $0.10 to $25 per card, the average advertised stolen credit card limit was more than $4,000, with the potential worth of all credit cards during the 12-month period was $5.3 billion.
The popularity of credit card information is credited to the ease of use of online shopping and the difficulty merchants and credit providers have to do to identify and address fake transactions before its too late. The Cupertino, California-headquartered firm observed that credit card information is often sold to fraudsters in bulk, with discounts or free numbers provided with larger purchases.
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