: The shop listed over 19 million unique cards , but customers only bought 40% of the magnetic stripe data (used for physical counterfeit cards).
: Buyers often paid more for cards from specific banks they perceived as having weaker fraud countermeasures . How the Underground Market Operates buy stolen credit card numbers online
: In contrast, 83% of "card-not-present" data (used for online shopping) was sold, indicating it is in much higher demand and shorter supply. : The shop listed over 19 million unique
The primary research paper on this topic is presented at the USENIX Security Symposium in 2021. The primary research paper on this topic is
Research from various sources, including Michigan State University and F-Secure , details the mechanics of these marketplaces:
This study is particularly interesting because it uses leaked data from a major underground shop to reveal the actual finances and business models of the "carding" world. Key Findings from "Swiped"
: The analyzed shop earned roughly $104 million in gross revenue over four years.