How much can be done with the data from a stolen credit card (cloned or by getting the data via the web) if banks block transactions as soon as a call is made and cardholders are not involved? Well, in Tripwire they have written a fascinating article explaining how the sale of credit card information works and how thieves, through a long but simple process, manage to make their millionaire scams effective.
Step One: Buy Stolen Credit Cards from the Market
Like any other product sold online, the numbers of stolen credit cards (in physical stores as in the case of Target or online as with Adobe) are sold through online stores at prices that can reach up to 100 dollars depending on the type of card, the amount of information available about it and its banking limitations. Now, in case the card is blocked, the sites guarantee to give the number of a new valid card.
Step Two: Convert Credit Cards to Gift Cards
In this step is the key to the process, and usually the method of converting credit cards into gift cards from Amazon and other specific stores is used. For this, the balance obtained with the stolen credit card information is used, a prepaid credit card is recharged (which by its nature has no major limitations) and finally, with that prepaid card, gift cards are purchased in online stores from the different popular stores.
Third step: The purchase and return of products
The next step to execute is to buy with the gift card – which also gives many freedoms – high-value products that can be easily resold, of course, preferred are digital products (mobile phones, cameras, video game consoles, televisions, computers, etc.) and electrical appliances in general. However, more intermediaries are used in shipping addresses, ordinary innocent people who are hired in reliable online job portals with owners such as work from home to receive the products and resell them outside the country or even directly to buyers specifics that have won auctions on sites like eBay.
Step Four: Reselling the button in the common market
The remaining products are resold on reliable portals (Amazon, eBay, etc.) or through more complex and private channels such as only the deep web or deep Internet can allow. Finally the ice cream cherry is in Bitcoin, the now popular virtual currency, which incredibly guarantees anonymity and the security of transactions thanks to its decentralized system.
Of course, the banks do not stand still and they also work to counteract these types of attacks, but with large volumes of transactions such as those that characterize the Christmas season and the logical impossibility of personally attending and following all of these to keep track of malefactors, things get complicated. Thus, there is no other choice but to help in the defense, always using common sense, being aware of bank statements daily if necessary, taking care of the physical card, accessing from trusted browsers, not installing programs of dubious origin, avoiding giving Click anywhere, doubting great product offers and jobs from dubious vendors and employers, entering bank details only on trusted sites, using payment intermediaries such as PayPal, and above all, staying informed.