Underground black market worth billions

 

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Posted on 24 Nov 2008 at 11:17

The malware black market is worth more than $5 billion, according to a new study by Symantec.

The security company took a year-long look at the underground market for malware and found a thriving, organised community "operating with such sophisticated business models that they come complete with professional job roles and advertising strategies."

The study revealed that malware companies are now recruiting Trojan creators, fraudsters and salespeople through professional advertising on invite-only forums and private chat channels. These people are then servicing online shops were people can purchase their products.

The most advertised product was credit card information selling for between 10 cents and $25 per card, and offering credit limits up to $4,000. According to Symantec, the value of the credit-card business alone is $5.3 billion and makes up 31% of all products offered.

The company suggests the reason for this popularity is "likely due to the many ways this information can be obtained and used for fraud; credit cards are easy to use for online shopping and it's often difficult for merchants or credit providers to identify and address fraudulent transactions before fraudsters complete these transactions and receive their goods.

"Also, credit card information is often sold to fraudsters in bulk, with discounts or free numbers provided with larger purchases."

Bank details also proved a popular draw, making up 20% of the items being offered. Stolen bank account information sells for between $10 and $1,000, with the average bank account balance offered worth nearly $40,000.

Author: Stuart Turton