All your cards are belong to us: Understanding online carding forums

Underground online forums are platforms that enable trades of illicit services and stolen goods. Carding forums, in particular, are known for being focused on trading financial information. However, little evidence exists about the sellers that are present on active carding forums, the precise types of products they advertise, and the prices that buyers pay. Existing literature focuses mainly on the organisation and structure of the forums. Furthermore, studies on carding forums are usually based on literature review, expert interviews, or data from forums that have already been shut down. This paper provides first-of-its-kind empirical evidence on active forums where stolen financial data is traded. We monitored five out of 25 discovered forums, collected posts from the forums over a three-month period, and analysed them quantitatively and qualitatively. We focused our analyses on products, prices, seller prolificacy, seller specialisation, and seller reputation, and present a detailed discussion on our findings.