Open Website Found Selling Stolen Bank Details For Bitcoin

JP Buntinx | February 15, 2016 | 1:45 pm
Bitcoin Wallet Transactions Exposed by Hacking Team's Money Module

Open Website Found Selling Stolen Bank Details For Bitcoin

JP Buntinx | February 15, 2016 | 1:45 pm

Bitcoin is often associated with illegal activity on the Internet, even though this does not make the digital currency more suited for criminal purposes compared to bank transfers or cash payments. Hackers target financial institutions and online shopping platforms in an attempt to breach their databases. Bank records of over one million consumers can be bought on the Internet for next to nothing. Bitcoin is among the accepted payment methods, although the bigger problem is how lackluster data protection allows for these breaches to take place.

Also read: Bitcoin Price Watch; 400 Broken!

Credit Card Information For Sale

Cybersecurity is becoming a key point of focus for nearly any business in the world today, as hackers are becoming far more aggressive when it comes to breaching databases and stealing consumer details. When those details are sold on the internet – publicly, not on the dark web – things go from bad to worse in a heartbeat.

Debit and credit card data is a prime target for hackers, as there is a growing demand in the criminal circuit for this type of information. This is particularly the case if hackers manage to obtain more sensitive information as well, including mother’s maiden names and social security numbers. With this arsenal of information, hackers can bypass most of the bank security questions, and wreak further havoc. is the website claiming to sell information, including credit card numbers, social security numbers, birthdates, and much more. What makes this story even more worrying is how the website has been selling this type of information for more than six months and has still not been taken down by law enforcement.

But that is not all, as Bestvalid is offering credit card “packages” to its customers as well. Some of these packages will include most common answers to bank security questions. Customers who purchase a package and find the information is not working will be eligible for refunds. Selling credit card information has become a major business on the Internet as of late.

The bigger concern is how so many sites prove to be vulnerable to these types of attacks. British ISP TalkTalk was hacked not too long ago, and financial information of thousands of consumers had been exposed to the assault. TalkTalk also failed to adequately encrypt a lot of consumer data, which did not help matters either.

Unlike most of the other online marketplaces for sensitive consumer financial information, Bestvalid is operating in the open. A lot of people are questioning why law enforcement has not undertaken any effort to have this website shut down over the past eight months. It goes without saying this lackluster attitude by government officials is not sitting well with the general public. Accepts Bitcoin Payments

Online criminals prefer payment methods that will hide their real identity from the public at large. Based on many mainstream media articles, Bitcoin provides hackers with exactly this functionality, even though anyone in the world can trace a transaction on the blockchain without too much effort. However, that transaction does not expose someone’s identity immediately.

This is where government officials and law enforcement run into some trouble, as they perceive Bitcoin as a currency that can not be traced. Unfortunately for them, Bitcoin can be traced easily, as all of the funds movements are logged on the blockchain in real-time. Tracking where the funds are going to takes a few seconds, which will lead the investigation to an exchange wallet if the hackers try to cash out their bitcoins.

At the same time, Bitcoin proves yet again why it is such a viable alternative to traditional finance. Unlike credit and debit card payments, there is no sensitive user data transmitted when making payments. This does not mean users cannot include their details if they want to, but rather how this is not done automatically. Moreover, Bitcoin transactions do not contain information that can be used to mimic payments, as the private key associated with each address is not transmitted during the payment.

Source: Telegraph UK

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