Innovation in the Underworld

Cybercrime is becoming an increasingly lucrative space: the World Economic Forum’s 2016 Global Risks Report estimates that cybercrimes cost the global economy $445 million in 2016. However, the cybercriminals are facing a new threat and it is not from security firms. The traditional process of digital thieves stealing data and selling them to fraudsters for a profit have bred a new type of cybercriminal known as ‘rippers’. And these rippers are a major problem for those participating in the cybercrime economy as they often try to rip off other criminals in the criminal underworld by selling fake social media credentials; invalid or used stolen credit cards and stealing money by not delivering promised services and goods. We speak to Rick Holland, Vice President of Strategy at Digital Shadows to explain about innovations in the underworld, like Ripper.cc.