The US is the undisputed leader when it comes to payment card fraud. But leave the US out and second in the rankings is the UK, according to Gemini Advisory which collected data from various dark web sources to arrive at this conclusion.
In 2018 it estimated that just over 3.5 million compromised payment cards belonging to UK citizens were for sale on the dark web. In the US the figure was a whopping 74 million. The report doesn’t say much more about these figures and it doesn’t have to really.
Payment card fraud is tremendously big business on the dark web, which is awash with stolen information, and you can see why. A fraudster can buy this information in batches for relatively small amounts. Dark web prices shift but credit and debits cards go for anything between $5 and $100 depending how much information comes with them, for instance, CCV number, birth data and so on.
However, the report focused on payment card fraud in India because it is set to outstrip the UK in terms of fraud given that over 3.2 million Indian payment card records were compromised and posted for sale in 2018.
For instance, a highly touted secure database was hacked leading to breaches at government and financial institutions as well as among ordinary citizens. The database contains the personally identifiable information (PII) of more than 1 billion Indian residents. For only 500 Indian Rupees ($7.29), a fraudster can access any of the more than 1 billion records available in the database.
The bottom line is that while the Indian government is taking steps to tighten online security and identity verification, online fraud is growing due to the upward trajectory of Indian cybercrime and will likely surpass those of the United Kingdom in 2019, making Indian-issued payment cards the second-most targeted cards in the world.
Irrespective of which country you’re from payment card fraud is a live and ever present danger. At BullGuard we recommend the use of BullGuard Premium Protection
which safeguards your payment card information, among other identity details, and alerts you if this information enters the public arena, such as a fraud forum on the dark web.