Finjan: card fraud factory revelations confirms organised e-crime groups
January 2009 by Finjan
Finjan Inc. says that a video news item just published, which shows how easy it now is to manufacture cloned debit and credit cards, confirms the findings of the company’s Q2 2008 trends report.
"That report, from our Malicious Code Research Center, highlighted the fact that organised crime is now highly active when it comes card fraud, and bears an uncanny resemblance to organised crime organisations such as ’La Cosa Nostra,’" said Yuval Ben-Itzhak, Finjan’s Chief Technology Officer.
"Wired’s video news item, which shows a Newport Beach police detective reporting a successful raid on a payment card fraudster, highlights the fact that, armed with card details harvested from the Web, organised criminal gangs can now produce cloned cards, complete with holograms, within a matter of minutes," he added.
According to Ben-Itzhak, by sourcing card creation products from around the world, large numbers of cloned cards can be professionally produced using a printing system costing around $10,000, and using foil plus specialist ink sourced from China.
Finjan’s quarterly trends reports have repeatedly highlighted the fact that card details are now being offered for sale en masse on the Internet, with ID starter kits going for $10 a unit or less when bought in volume.
$10,000 for a printing press, he explained, is a relatively small outlay for a criminal gang which can then produce large quantities of a cloned cards in a matter of hours.