Cybercrime groups have emerged to offer their shady services.
We are talking about DDoS attacks, stolen payment cards, stolen identities and medical records, and of course social media accounts.
If you think that’s bad, you will be surprised that this is actually just the top of the iceberg.
The Dark Web works as a network of service providers now where the satisfaction of the customers is important.
They offer test runs and even willing to compensate those who weren’t satisfied with their services.
With the FBI recent take down of a website called Darkode, alarming details emerged.
According to these findings, not only the dark web is more substantial than ever before, but it actually follows a successful business model now, with a fluid economy built on increased market need.
Cybercriminals managed to take advantage of people with bad credit.
Stolen medical IDs allow them to purchase certain drugs with extremely high street value and once you put these details together, medical scams seem like a foregone conclusion.
This technique supposedly provided the highest returns for these criminals.
The problem is two folds. The security systems are too old, and some companies involved often don’t even report these crimes.
Just think about it, one of the greatest public relation nightmares that can happen to any company is when its customer’s data gets stolen and used for fraud.
This can occur – and be especially damaging – when the company in question is operating in an industry that is heavily regulated like; finance, insurance and the healthcare sector.
A lot of us have experienced what these widely publicized incidents of frauds can do to the reputation of a company, not to mention its value through its shares and the customers’ confidence.
The dark web is widely recognized as a place for running Internet fraud services as well as darknet markets.
A lot of fraudulent transactions that involve drugs and weapons take place on that platform.
All these items can be traded for now with what is known as cryptocurrency.
AlphaBay is known as the most popular market currently trending in the dark web.
On this platform buyers – as well as vendors – have a class level based on the amount of the items that are sold.
There are different types of people who make use of the dark web.
They range from curious visitors to those who are afraid of communicating openly, especially when it concerns issues that are very sensitive in their nature.
Once people have the confidence to think that their identity is secured, it gives them the courage to engage in fraudulent transactions which otherwise they would never do.
It is also easier to contact a journalist with an encrypted network when you are confident that you can share sensitive information over the internet, without anyone tracing it back to you or finding out your true identity.
Just like any free markets where vendors and suppliers try to meet the needs of their customers, the darknet market on the dark web tries to satisfy its customers, and that results in fraudulent activity.
Despite the steep competition, the dark web economy flourishes. Some cybercriminals are even making their services more customer friendly with options that their buyers can find irresistible.
One of the major drivers behind the exponential rise in attacks, is the as a service nature of cybercrime tools products (as well as its services).
The returns are high and the risk is lower than it is with physical crimes.
Cyber security needs be beefed up, and in order to protect people’s data from being used for fraudulent transactions, certain precautions needs to be taken on a governmental, as well as on the individual level.
Perpetrators of these acts are getting smarter and smarter, looking for more innovative ways to carry out their crimes.
This not only calls for greater cyber security measures, but the message has to spread.