Posted: November 17, 2017
Stolen Target Credit Cards Show Up on The Black Market
Last week Target had a major breach where millions of the retail chains shoppers credit card info was stolen and now it appears as if the credit cards are appearing online for sale. According to tripwire.com the credit cards can are sold to brokers on the black market, who in turn sell them to individuals that use them for to buy goods. The stolen credit cards can fetch as much as $100 depending on how much of the cards info is available and the credit limit.
“First the card numbers are sold to brokers who acquire the stolen card numbers in bulk. These are then sold to carders. The price for valid credit cards can be as high as $100 per card depending on the amount of information available with the card, type of card and known limits of the card. Many of these sites offer guarantees on the validity of the cards and will provide a valid replacement if it is blocked. Now that is customer service.”
There are various ways for the criminals involved in this data breach to make money. First the hacker who acquired them sells them to a black market website, this step has already been done seeing as the cards are now online. From there the site makes money selling to people that want to buy the cards, usually in bulk and once the info has exchanged hands the stolen credit cards are used to charge pre-paid cards. These cards are then used to purchase store specific gift cards, such as from Amazon for example.
Often the people who buy large dollar goods that can fetch a high price on auction sites such as eBay, so the $40 they spent on the card can be turned into thousands from selling the merchandise.
The good news is people are protected and won’t have to pay for the purchases of the stolen card, the bad news is this happened at all and it is effecting a large number of people. Hopefully the people involved in this major breach are brought to justice so it doesn’t happen again.