The Sophistication of the Underground Data Economy

The black market for data is much more sophisticated than most people realize. It’s not a “one price fits all” scenario. There are price points, just like in any advanced market. And, just like the same markets, there are services provided to prospective customers.

Francois Paget of McAfee’s Avert Labs blog has shared a discovery about the prices going on different “quality” levels of data on the black market.

Avert Labs has discovered a “price list” for everything from credit card numbers to bank account logins and other personal data that is sold in the underground economy. A tip led them to a website that was auctioning off data, including bank logons and credit card information, with prices such as:

• Washington Mutual (US), balance $14,400 (sell price 600 euros/$924)
• Citibank (UK), balance 10,044 pounds/$19,626 (sell price 850 euros/$1,310)

If you buy a bank account login, and the data owner has cancelled the account within 24 hours, they’ll even give you a replacement stolen account.

So, the black market is an organized system with value for quality, and even customer service. The same website sold information in “bundle prices” and offers free data only a daily basis, as “goodies” to entice their sale.

Visit the Avert Labs site for more information and screen shots of the system in question.

Via CNet Tags: black market, data, data resale, underground economy, data breach, personal data, data resale, identity theft, fraud