Underground online forums are platforms that enable trades of illicit services and stolen goods. Carding forums, in particular, are known for being focused on trading financial information. However, little evidence exists about the sellers that are present on carding forums, the precise types of products they advertise, and the prices buyers pay. Existing literature mainly focuses on the organisation and structure of the forums. Furthermore, studies on carding forums are usually based on literature review, expert interviews, or data from forums that have already been shut down. This paper provides first-of-its-kind empirical evidence on active forums where stolen financial data is traded. We monitored 5 out of 25 discovered forums, collected posts from the forums over a three-month period, and analysed them quantitatively and qualitatively. We focused our analyses on products, prices, seller prolificacy, seller specialisation, and seller reputation.
By applying a framework of social organisation, Holt @cite_26 identified specialisation on underground forums too. While one third of sellers offered various products, two thirds focused on only one product category. As the Symantec report @cite_19 illustrates, there are perpetrators specialising in writing viruses, in distributing malware or in monetising credit cards, for example. In recent years, Symantec has observed an increasing professionalisation in all aspects in the underground economy. Their findings are supported by research literature. Sood and Enbody @cite_15 also identified specialisation as a trend in underground markets. They argue that these markets are increasingly accessible to people with various technical skills. Hence, there is a division of labour due to differing skills. While analysing seller characteristics on black marketplaces, Soska and Christin @cite_7 discovered numerous specialised sellers, though there was a notable number of vendors selling different products as well.
@cite_19 @cite_15 @cite_26 @cite_7
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Over the last decade, the nature of cybercrime has transformed from naive vandalism to profit-driven, leading to the emergence of a global underground economy. A noticeable trend which has surfaced in this economy is the repeated use of forums to operate online stolen data markets. Using interaction data from three prominent carding forums: Shadowcrew, Cardersmarket and Darkmarket, this study sets out to understand why forums are repeatedly chosen to operate online stolen data markets despite numerous successful infiltrations by law enforcement in the past. Drawing on theories from criminology, social psychology, economics and network science, this study has identified four fundamental socio-economic mechanisms offered by carding forums: (1) formal control and coordination; (2) social networking; (3) identity uncertainty mitigation; (4) quality uncertainty mitigation. Together, they give rise to a sophisticated underground market regulatory system that facilitates underground trading over the Internet and thus drives the expansion of the underground economy. This paper studies an active underground economy which specializes in the commoditization of activities such as credit car d fraud, identity theft, spamming, phishing, online credential the ft, and the sale of compromised hosts. Using a seven month trace of logs collected from an active underground market operating on public Internet chat networks, we measure how the shift from “hacking for fun” to “hacking for profit” has given birth to a societ al subs trate mature enough to steal wealth into the millions of dollars in less than one year. Today, several actors within the Internet's burgeoning underground economy specialize in providing services to like-minded criminals. At the same time, gray and white markets exist for services on the Internet providing reasonably similar products. In this paper we explore a hypothetical arbitrage between these two markets by purchasing "Human Intelligence" on Amazon's Mechanical Turk service, determining the vulnerability of and cost to compromise the computers being used by the humans to provide this service, and estimating the underground value of the computers which are vulnerable to exploitation. We show that it is economically feasible for an attacker to purchase access to high value hosts via Mechanical Turk, compromise the subset with unpatched, vulnerable browser plugins, and sell access to these hosts via Pay-Per-Install programs for a tidy profit. We also present supplementary statistics gathered regarding Mechanical Turk workers' browser security, antivirus usage, and willingness to run arbitrary programs in exchange for a small monetary reward. As consumers are increasingly using the Internet to manage their finances, there has been a concomitant increase in the risk of theft and fraud by cybercriminals. Hackers who acquire sensitive consumer data utilise information on their own, or sell the information in online forums for a significant profit. Few have considered the organisational composition of the participants engaged in the sale of stolen data, including the presence of managerial oversight, division of labour, coordination of roles and purposive associations between buyers, sellers and forum operators. Thus, this qualitative study will apply Best and Luckenbill's framework of social organisation to a sample of threads from publicly accessible web forums where individuals buy and sell stolen financial information. The implications of this study for criminologists, law enforcement, the intelligence community and information security researchers will be discussed in depth.