Online fraud worth billions of pounds

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Credit card and other financial data sold illegally online could lead to fraud worth billions of pounds each year, according to a new study.

The research by Symantec, which analysed underground economy servers for a year, showed stolen data sitting on “underground” servers had an advertised selling price worth a total £184 million.

Credit card data was the most popular, at about 31 per cent of the total. Although they sell for anywhere between 7p and £17 per card account, the average credit card limit was £2,650 – meaning the total worth of potential fraud was £3.5 billion.

Financial accounts made up a fifth of the underground market, Symantec said. Such bank account data goes for anywhere between £6.50 and £650, the security firm claimed, but the average hacked account is worth £26,700 – in total, over £1 billion.

The security firm said such financial information was a popular target for hackers because they can be cashed out using online banking services to untraceable places within as little as 15 minutes.

Symantec said the hackers were well-organised, but varied between individuals to “sophisticated” groups which advertised to gain buyers. The most active individual was advertising goods worth £4.2 billion.

The bulk of the servers – some 45 per cent – were hosted in North America, followed by Europe, the Middle East and Africa (EMEA) at 38 per cent. Asia-Pacific areas claimed 12 per cent, while Latin America was home to just five per cent.

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