Cybercrime does pay, study finds

Security

by Duncan MacRae| 28 June 2013

McAfee has published a report on cybercrime revealing just how easy it is for cybercriminals to buy your personal details online.

Cybercrime Exposed explains that credit card details can be bought o the black market for £16 without a PIN, £65 with PIN and £130 for a PIN and guaranteed good balance.

Stolen bank login information commands an even higher price than credit card numbers. EU online banking logins costs 4-6% of the account balance, US online banking logins cost 2% of the account balance, PayPal logins cost 6-20% of the account balance and Western Union transfer details cost 10% of the transfer amount

Pre prepared lists of email addresses can also be purchased. 1 million French email addresses cost £321.66, 10 million Florida email addresses will set buyers back £569.19, while 0.7 million email addresses of US doctors can be obtained for £73.89

Troels Oerting, head of EC3 European Cybercrime Centre, said: "Today's cybercriminals do not necessarily require considerable technical expertise to get the job done, nor, in certain cases, do they even need to own a computer. All they need is a credit card.

"A marketplace offering cybercrime tools and services provides would-be criminals with an arsenal that can either be used as a component of a cyberattack or a handy way of outsourcing the process entirely.

"This underground marketplace is enabling an army of cybercriminals -- and the cost is being borne by all citizens. According to recent research, 17% of European citizens have been victims of identity theft, costing an average of £1,076. Indeed, the ease with which such tools are available enables cybercriminals to target not only citizens, but also businesses and governments at a rapidly growing rate."

Raj Samani, CTO, McAfee EMEA, commented: "There's no doubt that cybercrime is on the increase. That is the message from multiple sources across both the public and private sectors. Indeed, the FBI reported a decline in physical crimes such as bank robberies in 2012, as opposed to cybercrime, which has increased at an alarming rate.

"Clearly, the risk associated with physical crimes, such as bank robberies, contributes to such a shift; cybercriminals enjoy the luxury of carrying out their crimes from a physical location of their choosing.

"One possible contributing factor to this increase is the ease with which cybercrime tools are available. Moreover, the cybercrime market now affords potential criminals with a multitude of services which means that deep technical expertise is not a prerequisite. We are witnessing the emergence of a whole new breed of cybercriminal. As a result, the volume of cyber-attacks is likely to increase, and current trends and data suggest that this is exactly what we are seeing today."

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