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Why Fraud Teams Need Visibility into Underground Card Shops

Why Fraud Teams Need Visibility into Underground Card Shops (Expert Blogs and Opinion)

Card shops epitomize the notion of a centralized cybercrime economy, enabling even fledgling fraudsters to withdraw cash from accounts or to make carded purchases without having to steal payment card data themselves. But given most card shops’ covert nature, fraud teams face a number of challenges: Gaining Visibility In order to effectively track conspiring fraudsters at scale, identify and halt developing schemes, and monitor for data leaks, fraud teams need visibility into underground card shops. Deriving Meaningful Insight The most common types of data found on underground card shops are dumps—information skimmed from the magnetic stripe of a card—or card numbers and associated data, such as personally identifiable cardholder information and bank identification numbers (BINs). However, since the overwhelmingly large volume of data advertised on card shops varies widely in terms of quality and recency, fraud teams face additional obstacles to finding relevant information, even if they are able gain access to these shops.

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