Norton (from Symantec) has launched a new online tool on its EveryClickMatters-website. It asks for some basic personal information as well as about online behavior (e.g., paying bills online, file sharing on P2P networks, etc.) It then calculates the potential value of this participant's identity on the black market. It sounds like a fun exercise, but most Internet users could be unpleasantly surprised, if not shocked, to find out how high the value of their ID could be for cybercriminals.
It's important to remember that personal data is the lifeblood of the cybercrime economy. As we have covered in various reports, personal details such as healthcare information, SSN, bank credentials and credit card numbers to just name a few, are in high demand. Once obtained, they can be abused for a wide range of criminal activities, including fraudulent bank and loan account applications, avoiding criminal prosecution, obtaining prescription drugs, etc.
The launch of the EveryClickMatters-website coincides with the arrest and prosecution of Albert Gonzalez, the kingpin of cybercrime. This cybercriminal turned FBI informant turned cybercriminal has pleaded guilty to 20 federal charges that identify him as the mastermind behind the biggest identity theft in US history.
Miami-based Gonzalez, who is only 28, could face easily face up to 15 years in prison, with the real chance that a jury will increase this with an additional 10 years. This would mean that Gonzalez would only enjoy freedom again when he is in his fifties. For now, he was forced to return some of his illicit gains, including US$ 2M. and his apartment, car, and jewelry. He funded his luxurious lifestyle with an industrial strength systematic card hack. He and his cybergang stole and abused around 130 million credit cards.
As our Malicious Code Research Center (MCRC) has covered before, an individual stolen credit card does not generate a lot of illicit profit. But the sheer scale of the attack wielded by Gonzalez’s cybergang made it highly profitable – as testified by the US$2M. bank account and opulent lifestyle enjoyed by Gonzalez. Be assured that the confiscated spoils are only the tip of the iceberg – the real damage is staggering.
Just think this over for a moment. All of us rely on our credit and debit cards to make our lives easier. We go out for coffee, buy items in stores, pump gas at the petrol station, and go groceries shopping at our supermarket – most of the time paying with plastic. On average, we make quite a lot of such transactions a month – each time exposing ourselves to the risk of being victimized.
Anyone who ever lost his or her wallet, or had it stolen, knows what a hassle it is to repair the damage.
Going to the police to file a report, checking insurance policies, phoning financial services to block credit, debit and bank cards, replacing identity cards, driver licenses, health insurance cards, etc.
However, this does not even come close to the devastating effect that identity theft has on the lives of its victims. Once your stolen identity is used by someone else, you might be turned down for loans or mortgages. You might not get proper medical treatment since your medical records are abused, and you might even have a criminal record in your name.
How can you prevent your personal data from being stolen? Make sure that you keep an eye on your credit card when paying. Make sure that your IT security systems and software are updated – at home and in the office to prevent Trojans from getting your details. Check your bank statements and make sure that cybercrooks like Gonzalez did not siphon off money from your account!
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