: The shop listed over 19 million unique cards , but customers only bought 40% of the magnetic stripe data (used for physical counterfeit cards).
: Buyers often paid more for cards from specific banks they perceived as having weaker fraud countermeasures . How the Underground Market Operates
Research from various sources, including Michigan State University and F-Secure , details the mechanics of these marketplaces:
: In contrast, 83% of "card-not-present" data (used for online shopping) was sold, indicating it is in much higher demand and shorter supply.
The primary research paper on this topic is presented at the USENIX Security Symposium in 2021.
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