Online Black Market Swamped with Stolen Cards from Target Breach

Online Black Market Swamped with Stolen Cards from Target Breach Data derived from stolen credit and debit cards during Target’s massive security breach are flooding the black market’s online “stores”, according to several reports.
The Target data hack occurred Nov. 27-Dec. 15. By Dec. 11, there was a “ten- to twenty-fold increase in the number of high-value stolen cards” on black market websites, The New York Times reported, attributing its report to Easy Solutions, a company that tracks fraud.
Blogger Brian Krebs, who broke the story on the Target hack, also reported that scammers have been selling chunks of 1 million cards at “$20 to more than $100 per card.”
Krebs said a fraud analyst at a major bank and his team tracked down and bought “a huge chunk of the bank’s card accounts” from a well-known ‘card shop’. That’s jargon for an online store promoted on cybercrime forums for thieves to buy stolen credit and debit cards.
With this purchased data, thieves can essentially “clone” the cards and use them in stores. If the “dumps” are tied to debit cards and corresponding PINs are also available, the thieves can use the cloned cards at ATMs to access cash straight from the victim’s bank account.
“There are literally hundreds of these shady stores selling stolen credit and debit cards from virtually every bank and country,” Brian Krebs writes in his blog. “But this store has earned a special reputation for selling quality “dumps,” data stolen from the magnetic stripe on the backs of credit and debit cards.”
How do thieves purchase this stolen data?
According to Krebs:

“As one can imagine, this store doesn’t let customers pay for purchases with credit cards; rather, customers can “add money” to their accounts using a variety of irreversible payment mechanisms, including virtual currencies like Bitcoin, Litecoin, WebMoney and PerfectMoney, as well as the more traditional wire transfers via Western Union and MoneyGram.”

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