AuthorPeter Oakes is an experienced anti-financial crime, fintech and board director professional. Archives
December 2024
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Interesting to see that while the cost for fake/stolen passports and drivers licences have increased (almost double), the cost to hack someone’s email account dropped 60% in 2023. At least there is no escaping the laws of economics for bad actors! See this YouTube link for more - https://www.youtube.com/watch?v=MWb7dUUXO2M "Inflation is hitting everyone hard it seems — even scammers. New data reveals the cost of fake or stolen documents like passports and driver's licenses on the dark web has gone up significantly, as demand increases and the number of people being scammed decreases. According to a report from accounting firm BDO, the average cost of buying a fake or stolen passport on the dark web is now $2,372 (up from $1,399 in the previous quarter), while a driver's license will set you back $844 (up from $465). But it's a competitive market and in some cases prices have dropped. The average cost to hack into someone's email is now just $262 (down from $668), according to BDO.". BDO's Stan Gallo said the dark web is “like any other market environment where there's supply and demand". "He believes increased awareness of scams over the past year, high profile crackdowns and more embedded security measures in some ID documents has made it harder for criminals to get away with obtaining, selling and using fraudulent documents and has therefore pushed the price up.
"It's like any other market environment where there's supply and demand," he told the ABC. "And if there's a restricted supply and the demand is still there, then the price goes up. If things are easier to get, then the price will come down because it will drive competition." He notes anyone who tries to buy fake passports or conduct other illegal activities on the dark web must accept a significant risk and face repercussions including possible imprisonment.". Read more here https://www.abc.net.au/news/2024-03-25/criminal-inflation-stolen-data-price-increase-dark-web-scams/103620916
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