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Study: Stolen data's cheaper

Crooks employing new tactics amid tough competition

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Associated Press / April 8, 2008

SAN FRANCISCO - Fierce competition among identity thieves has driven the prices for stolen data down to bargain-basement levels, which has forced crooks to adopt mainstream business tactics to lure customers, according to a new report on Internet security threats.

Credit card numbers were selling for as little as 40 cents each and access to a bank account was going for $10 in the second half of 2007, according to the latest twice-yearly Internet Security Threat Report from Symantec Corp. released today.

Symantec detected 711,912 new threats last year, 468 percent more than in 2006, when it found 125,243 - and almost two-thirds of all 1,122,311 Symantec has cataloged since 2002.

The data is usually sold through instant-message groups or Web forums that exist for only a few days or even hours, according to Symantec, and the hacking community exacts harsh consequences when members try to pass along fraudulent information.

"If the seller says there's $10,000 in a bank account, and there isn't $10,000 in there, their ability to sell will drop through the floor," said Alfred Huger, vice president of Symantec Security Response. "It's a sort of honor among thieves, and it's very strictly enforced."

Researchers said they found more evidence during the last six months of the year that Internet fraudsters are adopting mainstream tactics, including hiring teams of hackers to create new viruses and offering volume discounts on stolen data to encourage larger orders.

In some cases, stolen credit card numbers were sold in batches of 500 for a total of $200. That's 40 cents each, less than half the price observed during the first half of 2007, when they were down to $1 apiece in batches of 100, according to the report.

Full identities - including a functioning credit card number, a Social Security number or its equivalent, and a person's name, address, and date of birth - are going for as little as $100 for 50, or $2 apiece.

But certain identities are more alluring than others. Stolen identities of EU citizens sell on the high end - for $30 - an average of 50 percent more than US identities.

Researchers said the higher prices reflect the fact that the identities can be used in multiple countries, instead of just one. They added, however, that scarcity of a certain type of identity will drive up its price.

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