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Black Market in Stolen Credit Card Data Thrives on Internet

Contributed by mm | June 21, 2005 11:22 AM PST





What a fully developed (black market) industry!

From New York Times:

Those buying fresh batches of account numbers may try to make purchases online, having goods delivered to a drop and then fencing them through online auctions.

More sophisticated thieves will seek out a vendor of encoding devices, and others who sell "plastic," or blank credit cards, and "algos," algorithms that are needed to properly encode the magnetic strip and produce a usable card. And "cash out" services can be arranged with those offering to take the encoded plastic to a cash machine and make daily withdrawals until the account is depleted. (The cash-out risk commands a premium - often 50 percent or more of the total balance.)

Traders - whether they deal in plastic, algos, cobs or other booty - build reputations first by earning the right to advertise, and then, in a black-market version of eBay buyer feedback, augment their status by receiving published kudos from other members. No one is permitted to post product or service offers at most of these Web sites without first having their wares vetted by site administrators, or by those who have been selected as trusted "reviewers."

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