How Phished Data Turns into Apple & Google Wallets krebsonsecurity.com/2025/02/h…

Carding — the underground business of stealing, selling and swiping stolen payment card data — has long been the dominion of Russia-based hackers. Happily, the broad deployment of more secure chip-based payment cards in the United States has weakened the carding market. But a flurry of innovation from cybercrime groups in China is breathing new life into the carding industry, by turning phished card data into mobile wallets that can be used online and at main street stores.

Ford Merrill works in security research at SecAlliance, a CSIS Security Group company. Merrill has been studying the evolution of several China-based smishing gangs, and found that most of them feature helpful and informative video tutorials in their sales accounts on Telegram. Those videos show the thieves are loading multiple stolen digital wallets on a single mobile device, and then selling those phones in bulk for hundreds of dollars apiece.

Merrill said one common way criminal groups in China are cashing out with these stolen mobile wallets involves setting up fake e-commerce businesses on Stripe or Zelle and running transactions through those entities — often for amounts totaling between $100 and $500.