People who commit identity theft come in all shapes and sizes. If you are one of the unfortunate victims of identity theft, it is most likely that the person who gained access to your personal information is a hacker.
The electronic age has paved the way for most organized crimes operating on identity theft crimes to include hackers in their league since millions of personal information are being exchanged in various networks all over the world. Crime syndicates either hire professional hackers to include in their team, use their own hackers, or buy personal data from online hackers.
What do they do with stolen credit cards and social security numbers?
Millions of data are stolen by computer hackers everyday. Most of them breach networks of well-known establishments whose client database can be accessed online. These data often include credit card numbers, social security numbers, bank account numbers and other pertinent information. More often than not, these data are then sent to a network of illegal trading sites where computer hackers and criminals all over the world converge to buy and sell these personal data for very huge profits.
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These networks of stolen data flourished out in the open and they were estimated to have made more than $5 million in less than two years of its operation. Within the span of these months, they traded 1.5 million stolen credit cards.
How does a credit card hacking transaction proceed?
Here is what takes place with a stolen credit card number:
In stolen data networks, stolen credit card numbers and other personal data are posted for sale by the person who was able to access that particular information. This credit card number can be purchased for exclusive use or it can be used in a “joint venture.” In the latter transaction, CCs will be used by other network members to make purchases that will be delivered to various drop sites. Other networks will then have these goods picked up and sold. The proceeds of this transaction will then be shared among the participants of this specific activity.
As for newbies (new members of stolen data networks), they are often obligated to participate in a number of dummy test runs to ensure that the seller and the credit card numbers that they are selling are genuine and functional. This step is necessary to build credibility and integrity in the stolen data network.
There are even credit card hacking sites that feature a rating system where all members can rate or post feedbacks on the “quality” of the stolen card. The quality is often dependent on the credit limit, and whether the credit card number can actually make purchases. Some of this site also features requests for specific types of stolen information. For instance, if you know of an illegal alien who needs a social security number to be legally employed then you can request that particular information from the site. They can also find email phishing templates that newbies can use to engage in identity theft activities without having enough technical knowledge.