Price of stolen Target cards dropping in underground market
The price of Target credit cards available for sale in underground online markets is rapidly declining, according to a recent report.
On days leading up to when the breach was announced by the company on Dec. 19, some card batches would sell for between $26.60 and $44.80, however, many have dropped as much as 70 percent, now selling for between $8 and $28, according to security blogger Brian Krebs.
The price of the cards is being impacted by the card “valid rates.”
While the initial batches of cards for sale would have a 100 percent valid rate – meaning that all cards purchased would work – the rates have dropped to 60 percent, so four out of ten cards would decline because the bank has canceled them.