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Wholesale bank card fraud

Appointment Type: Expert advisor

Service Area: Criminal and Regulatory

Industry: Other

Litigation Type: Criminal

Size of Case: Under £100,000

Defendant was arrested for conspiracy to commit fraud and charged with the production and distribution of counterfeit bank cards. Examination of laptop found identified in excess of 1,000 compromised bank card details. Prosecution estimated the loss to the UK clearing banks to be £350,000 based on an average potential spend of £350 per card. We were asked to consider whether the estimation of loss was appropriate given that the “wholesale” value for bank card details sold on the dark web is between $5 – $30.