Stolen Credit and Debit card constitute over $680 million in Russia Cybercrime market according to Group IB – a leading company in fraud prevention, cybercrime and hi-tech investigation. The Group released their annual report on Wednesday detailing the state of the Russian High-tech crime market in 2014.
Meanwhile, Online banking fraud has reduced significantly from $615million last to a record $425 million .The report shows that the number of Russian Speaking groups involved in online fraud a had reduced from 8 to 5 in one years’ time. Two of the group’s allegedly moved to foreign targets while one was disbanded by law enforcement agencies.
More worrisome is the rise in spam fraud. Group IB reported over 10,000 new online stores selling pharmaceuticals, fake products and software. Majority of spam shops were selling fake unlicensed pharmaceuticals. The stores collude with legitimate sellers to circumvent international payments rules prohibiting payment of unlicensed medical supplies. The spam Fraud is worth a whopping $841 million according to the report.
The Russian government is partly to blame for the booming cybercrime industry. An expert explained: Russia has an unlimited number of organized cybercrime gang who enjoy some level of protection when it comes to cybercrime. Hackers only really get prosecuted when they attack targets inside Russia.
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