New Symantec Report Reveals Booming Underground Economy
Podcast: Report On the Underground Economy
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Value of total advertised goods on underground economy servers during 12-month period was more than US$276 million
Symantec Corp. (Nasdaq: SYMC) today released its Report on the Underground Economy. The report details an online underground economy that has matured into an efficient, global marketplace in which stolen
goods and fraud-related services are regularly bought and sold, and where the estimated value of goods offered by
individual traders is measured in millions of dollars. The report is derived from data gathered by Symantec’s Security
Technology and Response (STAR) organisation, from underground economy servers between 1 July 2007 and 30 June 2008.
The potential value of total advertised goods observed by Symantec was more than US$276 million for the reporting
period. This value was determined using the advertised prices of the goods and services and measured how much
advertisers would make if they liquidated their inventory.
Credit card information is the most advertised category of goods and services on the underground economy, accounting for
31 percent of the total. While stolen credit card numbers sell for as little as $0.10 to $25 per card, the average
advertised stolen credit card limit observed by Symantec was more than $4,000. Symantec has calculated that the
potential worth of all credit cards advertised during the reporting period was $5.3 billion.
The popularity of credit card information is likely due to the many ways this information can be obtained and used for
fraud; credit cards are easy to use for online shopping and it’s often difficult for merchants or credit providers to
identify and address fraudulent transactions before fraudsters complete these transactions and receive their goods.
Also, credit card information is often sold to fraudsters in bulk, with discounts or free numbers provided with larger
purchases.
The second most common category of goods and services advertised was financial accounts at 20 percent of the total.
While stolen bank account information sells for between $10 and $1,000, the average advertised stolen bank account
balance is nearly $40,000. Calculating the average advertised balance of a bank account together with the average price
for stolen bank account numbers, the worth of the bank accounts advertised during this reporting period was $1.7
billion. The popularity of financial account information is likely due to its potential for high payouts and the speed
at which payouts can be made. In one case, financial accounts were cashed out online to untraceable locations in less
than 15 minutes.
During the reporting period, Symantec observed 69,130 distinct active advertisers and 44,321,095 total messages posted
to underground forums. The potential value of the total advertised goods for the top 10 most active advertisers was
$16.3 million for credit cards and $2 million for bank accounts. Furthermore, the potential worth of the goods
advertised by the single most active advertiser identified by Symantec during the study period was $6.4 million.
The underground economy is geographically diverse and generates revenue for cybercriminals who range from loose
collections of individuals to organised and sophisticated groups. During this reporting period, North America hosted the
largest number of such servers, with 45 percent of the total; Europe/Middle East/Africa hosted 38 percent; followed by
Asia/Pacific with 12 percent and Latin America with 5 percent. The geographical locations of underground economy servers
are constantly changing to evade detection.
QUOTE
“As evidenced by the Report on the Underground Economy, today’s cybercriminals are thriving off of information they are gathering without permission from consumers and
businesses,” said Stephen Trilling, vice president, Symantec Security Technology and Response. “As these individuals and
groups continue to devise new tools and techniques to defraud legitimate users around the globe, protection and
mitigation against such attacks must become an international priority.”
RELEVANT LINKS
To read additional key findings and obtain more about the underground economy, visit the following resource:
Symantec Internet Security Threat Report XIII – go to http://eval.symantec.com/mktginfo/enterprise/white_papers/b-whitepaper_internet_security_threat_report_xiii_04-2008.en-us.pdf to download the full report.
About Security Technology and Response
Symantec’s Security Technology and Response (STAR) organisation, which includes Security Response, is a worldwide team of security engineers, threat analysts, and researchers that provides the underlying
functionality, content and support for all Symantec corporate and consumer security solutions. With global response
centres located throughout the world, STAR monitors malicious code reports from more than 120 million systems across the Internet, receives data from 40,000 network sensors in more than
200 countries and tracks more than 25,000 vulnerabilities affecting more than 55,000 technologies from more than 8,000 vendors. The team uses this vast intelligence to develop
and deliver the world’s most comprehensive security protection against both existing and emerging threats.
About Symantec
Symantec is a global leader in providing security, storage and systems management solutions to help consumers and
organisations secure and manage their information-driven world. Our software and services protect against more risks at
more points, more completely and efficiently, enabling confidence wherever information is used or stored. More
information is available at www.symantec.com
ENDS