Security News > 2023 > January > New York man defrauded thousands using credit cards sold on dark web

A New York resident has pleaded guilty to charges of conspiracy to commit bank fraud using stolen credit cards purchased on dark web cybercrime marketplaces.

According to the indictment shared in the U.S. Department of Justice announcement, Osagie purchased thousands of credit and debit card data from dark web markets.

Typically, credit card details end up on the dark web after they are stolen from e-commerce sites infected by skimmers, information-stealing malware, or ATM malware.

The legal document mentions that one of the gang members created fraudulent credit cards using the stolen information, indicating that the crime ring might have been sourcing magnetic stripe data which enabled them to forge clone cards.

These operators traveled across the U.S. to purchase gift cards and luxury goods using fraudulent cards and sold these items for cash.

"Osagie also communicated directly with other co-conspirators, including Wielingen, regarding the stolen payment card information, the locations where the co-conspirators should use the cards that had been created using the stolen payment card information, and percentages of the proceeds that Osagie expected to receive." - U.S. DoJ. In addition to whatever sentence will be decided by the U.S. court on May 25, 2023, Osagie will also have to forfeit any property obtained through the credit card theft scheme.

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