Black Market for Stolen Credit Card Numbers Thrives Online

"Internet security is not foolproof — as evidenced by the recent security breach at CardSystems Solutions, which exposed over 40 million credit card accounts to possible theft. However, law enforcement officials note that consumers not only have to worry about individual hackers, but also buyers of stolen credit card and account data on the Web.

Many account numbers are purchased online at sites including the International Association for the Advancement of Criminal Activity. Many of these sites are run from the former Soviet Union and act a lot like eBay, where traders are ranked according to the accuracy of the data they provide buyers. In other cases, many sites are providing services to change billing addresses or locate safe drop off locations.

Those who purchase the stolen credit card information are using the accounts to purchase goods online and have them dropped at safe locations so the items can be fenced later on in public or on the black market. Message boards and banner ads are also being used by this black market to advertise the sale of stolen credit cards and account information. Federal investigators are finding that data aggregators are most vulnerable to theft, especially when thieves can access the systems by simply posing as legitimate clients."

From IdentityGuard.com