U.K's SOCA (Serious Organised Crime Agency) is reporting on the arrest of two credit card fraudsters who have facilitated fraud valued at more than £26.9m by offering one-stop-shop for accepting bulk orders of stolen credit card details.
Two cyber criminals who provided a range of services to credit card fraudsters have been sentenced to almost 5 years after facilitating fraud valued at more than £26.9m. Jay Moore, who used the online moniker of ‘t0pp8uzz’, set up the ‘Freshshop’ website to facilitate the bulk sale of stolen financial data. He recruited Damian Horne, known by the online moniker of ‘GM’, to assist in his online criminality. Moore and Horne, who met through an online ‘hackers’ chat forum commenced their criminal activities by selling stolen iTunes vouchers and other online gaming codes on ebay.
t0pp8uzz is also known to have discovered a variety of exploits, according to the Exploit Database. His Freshshop web site was also taking advantage of an affiliate model and was sharing revenue with cybercriminals bringing in new customers.
Upon closer examination of files found on his PCs, law enforcement agents estimate that he had access to the credit card details of 340,000 individuals. He was using the stolen funds to purchase a top of the range BMW motor car and personalised registration plate which alone was valued at over £10,000. He used a fake web design business to cover his fraudulent activities.
In total, he had £170,000 credited to his bank account and £80,700 in a safe at his home in Cromhall, Gloucestershire.
- Security tip: if you want to get an in depth overview of the market for stolen credit card data, consider going through this research published in October, 2011 - "Exposing the Market for Stolen Credit Cards Data"
In April, SOCA in cooperation with the FBI, seized 36 credit card stores offering access to stolen financial data, with the potential international fraud prevented by the operation estimated at being in excess of £500 million.