I have covered counterfeit cash and counterfeit credit cards (in-store purchases). Here I outline 3 ways, plus a bonus at the end, that criminals employ in order to use stolen credit card information to make it through your company’s checkout process.
Street Level
Street Level
This is the most simple and unsophisticated way for criminals to use stolen information online.
The criminal steals a purse or a wallet, and uses the information to pay for things online.
Low Level Fraudsters
Low Level Fraudsters
These guys go onto the dark web and purchase what are called “Dumps, CVVs, and Bins”.
Then, they follow the instructions provided on lists called “Cardable Sites” in order to make it through the checkout process.
These low-level fraud attempts account for a large portion of the fraud in the credit card world by volume, and have relatively low value due to reasons that I won’t go into on this platform.
The instructions will include things like VPNs, Shipping Instructions, Social engineering tactics, etc.
Effective Fraudsters
Effective Fraudsters
Effective fraudsters achieve low volume / high value transactions by blowing through hundreds of thousands of stolen dollars at a wide range of retailers to develop an unquestionable understanding of the companies’ systems in order to define what is needed in order to author a successful method to run through and publish on the dark web.
Understand this:
Effective fraudsters view your company’s checkout process as a checklist of requirements, set forth by whatever fraud prevention platform your company uses. In other words, it’s just a problem to solve.
