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Hacked Social Media Accounts More Valuable Than Stolen Credit Card Details: RAND and Juniper Report
The Digital World is now the preferred target for hackers as compromised Social Media Accounts have become more profitable than stolen Credit Card details.
A report titled ‘Markets for Cybercrime Tools and Stolen Data’ compiled by National Security Research Division (RAND) and commissioned by Juniper Networks has highlighted a unique development wherein hacked Social Media accounts are more valuable than illegally sourced Credit Card details. The report delves primarily on the economics of hacking.
Why are Social Media accounts more valuable? There have been numerous accounts of breach of financial databases of multiple financial institutions. If the attack is executed with the intention of obtaining data for financial gains, within days of the breach, the financially sensitive data (which includes Credit Card Numbers, the home address of the user and any other data if available) is up for sale. These details are usually sold to the first willing buyer and charges vary anywhere between US$ 20 to US$ 135 per account initially. Soon the prices start to plummet as the breach gets old and the prices may drop down to as low as 75 Cents per account.
However, unlike the Credit Cards, which have a high level of protection coupled with the ability to instantly freeze the account, Social Media accounts do not have such fail–safes. Compromised Social Media accounts can go from US$ 16 to as high as US$ 300+ depending on the account.
There are a couple of reasons for the same. Social Media accounts never age in general. They are a continually thriving hub of personal information and can serve as reference point for anyone to snoop into the lives of the compromised individuals. Users of Social Media have never been quite particular about protection and are known to use the same passwords repeatedly, making them a rich source of getting into other accounts associated with the compromised ones.
Social Media has deeply entrenched the lives of people and hence these accounts have now become a much hotter commodity that Credit Cards. Do you agree?
Access Full Report: Here
Source | ToI
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Source: http://www.watblog.com/2014/03/31/hacked-social-media-accounts-more-valuable-than-stolen-credit-card-details-rand-and-juniper-report/
