Sources Contact Advanced Search Tutorials

An Interest In:

Web News this Week

Search Archive

Some of Our Sources

View All Sources

Help Webnuz

Referal links:

September 29, 2015 04:00 am

Study: $1.8 Billion In Reshipping Fraud With Stolen Cards Each Year

An anonymous reader writes: Researchers from the University of California, Santa Barbara and others studied the economy of how criminals monetize stolen credit cards by operating reshipping scams as means to cash out, KrebsOnSecurity reports: "A time-honored method of extracting cash from stolen credit cards involves "reshipping" scams, which manage the purchase, reshipment and resale of carded consumer goods from America to Eastern Europe — primarily Russia. A new study suggests that some 1.6 million credit and debit cards are used to commit at least $1.8 billion in reshipping fraud each year, and identifies some choke points for disrupting this lucrative money laundering activity. [...] disrupting the reshipping chains of these scams has the potential to cripple the underground economy by affecting a major income stream of cybercriminals. By way of example, the team found that a single criminal-operated reshipping service can earn a yearly revenue of over 7.3 million US dollars, most of which is profit."

Slashdot

Slashdot was originally created in September of 1997 by Rob "CmdrTaco" Malda. Today it is owned by Geeknet, Inc..

More About this Source Visit Slashdot