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Keep your credit card close, but your Twitter password closer
New report suggests cybercriminals are more interested in your Twitter account than your credit card information
September 1, 2014 9:32 by Nadine Sayegh
A study published by Juniper Networks and RAND Corporation reveals that Twitter has now become a data hot spot for cyber criminals.
The report reveals: “Information that traditionally fetched a high price on the black market is decreasing in value, making way for new, high-priced items.”
According to the study, Twitter accounts can cost more to purchase than a stolen credit card. Michael Callahan of Juniper Networks, who has decades of experience in technology and security, says the cyber black market has matured over the years.
“The reason behind the rising cost of Twitter accounts is because an individual’s account credentials potentially have a greater yield than a stolen credit card,” he says.
He explains that the decline in value of credit card information has led cybercriminals elsewhere.
“Traditionally, credit card information was the currency of the black market. It demanded a high price, ranging from $20-$40 on average. However, high-profile breaches have created a recent influx of available credit card data online.
“As a result, the scarcity and value of the stolen information is decreasing. During a large credit card breach, the market becomes flooded with data causing prices to drop from $20 per record to $0.75 per record in a short amount of time.”
Because of this decline, criminals are looking to social media accounts for a bigger payday.
Although prices vary widely, RAND found hacked accounts can be worth anywhere from $16 to $325+, depending on the account type.