Intelligent CIO Middle East Issue 22 | Page 23

COMMENT A study from Digital Shadows into credit card fraud points to increased sophistication of a professional ecosystem as fraudsters seek to upskill themselves and novice would-be cybercriminals. By analysing hundreds of criminal forums, Digital Shadows discovered a new trend in the form of remote learning ‘schools’. Available to Russian speakers only, these six-week courses comprise 20 lectures with five expert instructors. The course includes webinars, detailed notes and course material. In exchange for RUB 45,000 ($745) (plus $200 for course fees), aspiring cybercriminals have the potential to make $12k a month, based on a standard 40-hour working week. Given the average Russian monthly wage is less than $700 a month, it means cybercriminals could make nearly 17x more than a ‘legitimate’ job. Interestingly, a criminal ‘code’ appears to exist on many of the Russian-origin carding forums, whereby no Russian card details are permitted for sale. The criminals are going after a potentially lucrative market. In just two of the most popular ‘carding’ forums, nearly 1.2 million card holder details are on sale for an average of $6 each. However, prices do vary depending on the level of security associated with the card and cardholder. The least expensive cards are those requiring further authentication to ‘cash out’. The main obstacle to this is the PIN of the cardholder, which can be tricky and time-consuming to find out. Social engineering is given a heavy emphasis in the courses. Advice is given on how to manipulate people through knowledge of their local area in order to build rapport with the target and trick them into exposing information (such as PIN numbers) usually over the phone. As the instructor puts it: “that’s why I always advise watching the news.” Rick Holland, VP Strategy at Digital Shadows, says: “The card companies have developed sophisticated anti-fraud measures and high quality training like this can be seen as a reaction to this. “Unfortunately, it’s a sign that criminals continually seek to lower barriers to entry, which then put more criminals into the ecosystem and cost card brands, retailers and consumers. However, the benefit is that the criminals are increasingly exposing their methods, which means that credit card companies, merchants and customers can learn from them and adjust their defences accordingly.” The research found that credit card criminals fall into four main groups (with some overlapping between each): • Payment card data harvesters – do the ‘dirty work’ in terms of harvesting the payment card information. This is done through intercepting card holder’s information, www.intelligentcio.com INTELLIGENTCIO 23