How the Stolen Credit Card Black Market Works

Presented at ToorCamp 2014, July 11, 2014, 2 p.m. (50 minutes).

With the Target data breach, many are wondering how criminals can profit from the use of the stolen credit cards. The card holders themselves will not be responsible for any of the charges, so how is it that criminals are able to make money from stolen credit cards?

I have been involved with several cases where organized crime rings have been unveiled, many of these have had connections to Russian and Eastern European groups. These groups generate a significant profit through stolen property acquired through burglaries, shoplifting, identity theft, credit card skimming and carding. Many underestimate the complexity of some of these networks and the revenue they generate.

In this talk I will discuss the stolen credit card market, how it fuels the exploit black market, online retail fraud and other nefarious activities.

Presenters:

• Ken Westin
  Ken is a security researcher with 14 years experience building and breaking things through the use/misuse of technology. His technology exploits and endeavors have been featured in Forbes, Good Morning America, Dateline, New York Times, The Economist and has won awards from MIT, CTIA, Oregon Technology Awards, SXSW, Entrepreneur and named in Portland Business Journal's 2013 "40 Under 40″. He has worked with law enforcement and journalists utilizing various technologies to unveil organized crime rings, recover stolen cars, even a car jacking amongst other crimes.

Similar Presentations:

• DEF CON 23 (2015) / Goodbye Memory Scraping Malware: Hold Out Till "Chip And Pin"
• DEF CON 12 (2004) / Credit Card Networks Revisted: Penitration in Real-Time
• DEF CON 11 (2003) / Credit Card Networks 101