COMMENT
“The card industry loses $24
billion a year to consumers
who are frequently duped into
revealing their card details.”
whether this be through point of sale
malware, skimming devices, phishing,
breached databases, or through
operating botnets.
• Distributors – are the ‘middle men’
who typically make the most money.
While the criminals who harvest
may use the card data themselves,
they also sell it on to others who will
package, repackage and sell on the
card information.
• Fraudsters – run the most risk in
terms of getting caught by law
enforcement or being conned by
fellow criminals. Once fraudsters have
acquired payment card information
from their distributor, the fraud can
happen. These individuals tend to
be less technical and attract a lower
calibre of cybercriminal, often relying
on online guides and courses to learn
the latest techniques.
• Monetisation – There are many
different roles within the stage,
including those who have been
duped into operating drop addresses
billion a year to consumers who are
frequently duped into revealing their
card details. One of the key themes
that stood out for us is the level of
‘social engineering’ criminals are now
using. Aggressive and manipulative
phone calls to victims to reveal PIN
numbers is just one example of this.”
Digital Shadows offers the following
five tips for consumers:
Rick Holland, VP Strategy
at Digital Shadows
and those involved in the reselling of
fraudulently acquired goods.
Rick Holland, VP Strategy at Digital
Shadows, continues: “This ecosystem
is highly complex and international.
At each stage, it creates victims –
from the card industry that loses $24
1. Don’t be part of a cashing out scam.
Be wary of job postings offering
well-paid jobs to re-ship goods,
often offering to work from home.
Fraudsters go to great lengths
to make these companies look
legitimate.
2. Protect your PIN. Never share your
PIN over email of phone, no matter
who says they are calling.
3. Be picky about who you shop with.
If shopping somewhere new, ensure
the shop uses 3D Secure.
4. Take care when booking travel and
“The card companies
have developed
sophisticated anti-
fraud measures and
high quality (criminal)
training can be seen as
a reaction to this.”
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INTELLIGENTCIO
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