How Carders Can Use eBay as a Virtual ATM

  • 3 November 2015
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3rd November 2015
 
How do fraudsters “cash out” stolen credit card data? Increasingly, they are selling in-demand but underpriced products on eBay that they don’t yet own. Once the auction is over, the auction fraudster uses stolen credit card data to buy the merchandise from an e-commerce store and have it shipped to the auction winner. Because the auction winners actually get what they bid on and unwittingly pay the fraudster, very often the only party left to dispute the charge is the legitimate cardholder.
 
So-called “triangulation fraud” — scammers using stolen cards to buy merchandise won at auction by other eBay members — is not a new scam. But it’s a crime that’s getting more sophisticated and automated, at least according to a victim retailer who reached out to KrebsOnSecurity recently after he was walloped in one such fraud scheme.
 
                                           http://krebsonsecurity.com/wp-content/uploads/2015/11/triangulationfraud-580x318.png
 
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November 11, 2015  By Pierluigi Paganini
 
                                                http://securityaffairs.co/wordpress/wp-content/uploads/2015/09/chinese-cybercrime-arrested-572x400.jpg
 
If you are not familiar with the exact process that takes place in the triangulation fraud, think of it like that:
 
  • You, as a carefree customer, order something and pay for it to be shipped to you
  • The seller uses stolen credit card data, in order to purchase what you have been searching for in the first place
  • He sends it to you, after having bought it from a legitimate e-Commerce site
  • You are happy, since you’ve got what you have ordered
  • The e-Commerce site is happy, because they have sold their goods
  • The seller is happy, as they have scammed everyone
  • The only one who’s left unhappy is the person, whose credit card data has been stolen
 
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