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Cyber Risks · Krebs on Security

Feds: Hackers Ran Concert Ticket Racket

Summary: Vadim Polyakov, 30, of St. Petersburg, was detained in Spain and faces extradition to the United States on conspiracy charges tied to an alleged ring that stole more than $10 million in electronic tickets from StubHub. Investigators with the Manhattan District Attorney's office and the U.S. Secret Service expected to announce coordinated raids of at least 20 people in the United States, Canada and the United Kingdom accused of reselling the stolen tickets and laundering the profits.

What's compelling: The fraud was largely carried out with usernames and passwords stolen from legitimate StubHub customers, and as former StubHub trust and safety head Robert Capps noted, the transactional risk systems most online retailers run are not tuned to detect malicious use of existing customer accounts.

Read the original at Krebs on Security ↗

Topics
Fraud & Scams
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