Hackers crack bank accounts and sell stolen funds for only 10-12% of their real value in BTC equivalent, according to the new Q3 2019 Black Market Report from Armor’s Threat Resistance Unit.
Once the buyer has transferred the cryptocurrency, they provide details of the bank, PayPal or Western Union account where the money should be sent.
As an extremely simple, turn-key service, this arrangement offers buyers sky-high returns on their illicit purchase and removes the need for a money mule or the risk of logging into compromised accounts.
Notably, this conversion scheme benefits those selling the stolen funds because they avoid taking possession of the funds and instead merely transfer them — meaning the buyer carries the risk.
“For those scammers who don’t possess the technical skills and a robust money mule network to monetize online bank account or credit card credentials, this is an offer that can be very attractive. This clever service gives them an additional channel for monetizing the large amounts of financial data available on the underground,” Chris Hinkley, head of Armor’s Threat Resistance Unit, said.