Research from various sources, including Michigan State University and F-Secure , details the mechanics of these marketplaces:
: The analyzed shop earned roughly $104 million in gross revenue over four years. buy stolen credit card numbers online
The primary research paper on this topic is presented at the USENIX Security Symposium in 2021. Research from various sources
This study is particularly interesting because it uses leaked data from a major underground shop to reveal the actual finances and business models of the "carding" world. Key Findings from "Swiped" including Michigan State University and F-Secure
: In contrast, 83% of "card-not-present" data (used for online shopping) was sold, indicating it is in much higher demand and shorter supply.