News is breaking that hacked social media accounts are being sold online, sometimes to promote hate speech, for menial sums. One site is selling UK-based Facebook accounts “with real Sim cards, birthday and location information included”, according to The Sunday Telegraph. On another, a single UK account is on sale for $1.50 (£1.07), discounted from $5. Ryan Wilk, Vice President at NuData Security, a Mastercard Company commented below.
Ryan Wilk, Vice President at NuData Security:
“Among all the personally identifiable information available on the web, the most valuable one is your complete online identity, as it includes data to access all your online accounts. It’s not surprising that each account, each type of data, or the whole package are sold online as if they were a pair of sneakers. Fraudsters work hard to get that information, and by reselling it, they are increasing its value, just like any other industry would do.”
“To fight this wave of exposed data, many forward-thinking retailers and other major organizations are adopting a multi-layered approach to verifying their users online – such as passive biometrics and behavioral analytics. This approach makes online accounts more secure as they can’t be accessed by bad actors, even if they present the right credentials.
Because these technologies don’t rely on static data, they are devaluing it and, ultimately, they can affect the value of stolen data on the dark market.”
“This approach to online verification that uses behavioral data signals to verify a user is allowing companies to avoid account takeover with stolen credentials and focus on their good customers.”
“This report is a good reminder of the importance of having a multi-layered security and also underscores that fraudsters are highly evolved and sophisticated criminal enterprises.”