"Russia's Ukraine War Drives 62% Slump in Stolen Cards"

Security researchers at Recorded Future stated that the Russian invasion of Ukraine in early 2022 appears to have led to a double-digit decrease in stolen payment card records published to the dark web.  The researchers analyzed detailed threat intelligence gleaned from the cybercrime underground to compile the company's "Annual Payment Fraud Report: 2022." The researchers found that there was a 24% year-on-year decrease in the volume of card-not-present records on dark web carding shops in 2022 and a 62% slump in card present records.  The researchers traced this significant decline to two key events at the start of the year.  The first was an unexpected crackdown by the Russian state on cybercrime groups, which included arrests of suspected members of the REvil ransomware collective.  The second event was Russia invading Ukraine.  The researchers noted that it is highly likely that the Russian war with Ukraine has significantly impacted Russian and Ukrainian threat actors' ability to engage in card fraud as a result of mobilization, refugee and voluntary migration, energy instability, inconsistent internet connectivity, and deteriorated server infrastructure.  The researchers stated that should Russia's unprovoked war in Ukraine continue, the factors influencing regional threat actors' ability to engage in card fraud will likely persist, and threat actors' ability to engage in card fraud will remain lower than before the war, even as they continue to adapt.  The researchers noted that if the war should end, monitoring the region's post-war economies will be crucial to determine whether the conditions and incentives exist for a renewal or possibly even an increase in card fraud activity.

Infosecurity reports: "Russia's Ukraine War Drives 62% Slump in Stolen Cards"