Digital Doppelgangers

Carding exists for over 20 years. And it is not dead yet. It is alive, and even more – it is being actively developed by cybercriminals. The “good” old method of entering stolen credit card information into online store forms to buy goods and services or using online payment system accounts for the same purpose still works like a charm. Of course, the process has become more sophisticated, and it is certainly not so easy to do as it used to be 10 years ago, but unfortunately it is still possible.

The modern financial cyberfrauds, sophisticated targeted attacks on banks like Carbanak and Silence, hundreds of families of banking Trojans, etc. It had all started with carding forums many years ago. Carding is the cradle of modern financial cybercrime. As before, bank cards, payment systems and online banking frauds are the most valuable criminal sources of wealth.

A study by Juniper Research estimates that losses from online payment frauds will reach 43 billion USD by 2023, up from 22 billion USD in 2018, making anti-fraud and cybersecurity measures a top concern for the industry.

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Source: Kaspersky Lab