Bad actors took advantage of the legitimate name and services of Kuse, a popular AI-based app designed for workplaces. The attackers exploited the users’ trust in Kuse to carry out a phishing attack.

Enterprises aiming to predict and mitigate human, machine, and AI‑agent risks at scale demand AI‑powered identity‑first security without compromise.

Initial Access Brokers (IABs) are a key component of the cybercrime ecosystem, offering hassle-free building blocks for ransomware, data theft, and extortion. Rapid7’s analysis of H2 2025 activity across five major forums grants fresh insight into a power balance shift toward initial access sales from newer marketplaces, such as RAMP and DarkForums. Higher asking prices and more focus on high-value sectors and large organizations, such as Government, Retail, and IT, reveal a mature and profit-focused IAB market.

This blog highlights key access trends and pricing, pinpoints the most targeted industries and regions, and gives actionable recommendations for identifying and isolating potential breaches via popular IAB offerings.

Key findings

Our detailed analysis of six months of data from Exploit, XSS, BreachForums, DarkForums, and RAMP reveals the following key findings:

• Access prices and target organization size increased dramatically: The average alleged victim revenue and offering base price have increased significantly compared to the previous year, indicating that IABs are targeting larger, higher-value enterprises and charging premium prices for quality access.

• Primary access vectors haven’t changed: RDP, VPN, and RDWeb remain the top access vectors being offered for sale, which means that remote access infrastructure is still the primary attack surface for initial access sales. 

• High-privilege access is increasingly prioritized: Most common privilege levels being offered by IABs are Domain User (42.9%), Domain Admin (32.1%), and Local Admin (12.5%), with a visible decline in lower-privilege offerings, such as Local User privileges. It seems the market is shifting from volume to high-impact access that enables faster and more efficient malicious operations, such as ransomware and extortion attacks.  

• Certain underground marketplaces have become favored over others: DarkForums (221 threads) and RAMP (208 threads) were the most active forums for initial access sales in H2 2025, accounting together for 81% of the observed threads. At the same time, older, historically dominant forums such as XSS and Exploit saw significant declines in IAB activity. 

• IABs target specific industries: IAB activity is primarily concentrated on sectors offering the highest potential for financial gain or intelligence acquisition: Government, Retail, and Information Technology (IT).

• Focus on government access: The Government sector is the most frequently targeted industry vertical, at 14.2% (Retail and Information Technology follow with 13.1% and 10.8%, respectively). 'Admin panel' access is the most commonly observed type offered for this sector, with DarkForums serving as the principal platform for its sale.

IAB and cybercrime forum landscape in 2026

Just as in 2025, cybercriminal forums continue to serve as the primary marketplaces for the promotion and sale of pirated network access. Platforms such as Exploit, BreachForums, XSS, DarkForums, and RAMP have remained central pillars of the cybercriminal underground through 2025 and into 2026, despite sustained law-enforcement pressure, infrastructure seizures, and repeated cycles of disruption and rebirth. In response to the continued relevance, Rapid7 threat intelligence researchers expanded their monitoring to include all five forums, tracking activity from January through December 2025. The primary objective was to benchmark Initial Access Broker (IAB) activity and adjacent services, including an in-depth analysis of tactics, techniques, and procedures (TTPs), initial access vectors, credential and session pricing, victim geographies, and evolving monetization strategies.

Why cybercrime forums matter in 2026

We selected these five forums for their continued relevance, the concentration of experienced actors, and their distinct functional roles within the cybercriminal ecosystem. Collectively, they represent the full lifecycle of modern cybercrime from initial compromise and access brokerage to data monetization, extortion, and ransomware enablement. Despite repeated takedowns and administrator arrests, the past two years have demonstrated that forum resilience, brand persistence, and rapid reconstitution remain defining characteristics of the underground economy. Monitoring activity across these platforms, particularly from reputable, high-volume IABs and repeat sellers, provides critical insight into shifting attacker priorities, preferred access vectors, and pricing dynamics.

Exploit, XSS, DarkForums, BreachForums, and RAMP: Combined data analysis 

Last year, in The Rapid7 2025 Access Brokers Report, we analyzed the data of three main cybercrime forums, Exploit, XSS, and BreachForums. This year, we have expanded this list to include two additional (and very popular) forums, DarkForums and RAMP.

In fact, the newly analyzed forums were the most active in the past six months in terms of initial access and privileges offered for sale: DarkForums with 221 sale threads, followed by RAMP with 208, then Exploit with 53, Breached with 30, and XSS with 18. This might indicate a certain change in shifts in terms of popularity between the newer forums and the older ones.

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The average alleged revenue of the organizations whose access is being sold in these forums was $3.242 billion, and the average base price for the offerings was $113,275. However, it is important to keep in mind that victim revenue numbers are broker-provided based on their own online research, and as such, they may not necessarily be accurate.

Both numbers manifest a substantial rise compared to last year (average revenue - $2.232 billion, average base price - $2,726), with the average base price of the offerings increasing by approximately 4055% compared to last year. Notably, these numbers are especially affected by DarkForums, with tremendously high values in both counts. They show that IABs have become more resourceful, finding weak spots in larger organizations, and also much greedier in terms of the price of their offerings.

Initial access vectors and privilege types

Analysis of the access types offered for sale revealed 29 distinct types of access. The most frequently advertised access types were RDP (21.2%, 91 offers), VPN (12.8%, 55 offers), and RDWeb (11.2%, 48 offers).

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The most common privilege types were Domain User with 144 instances (42.9%), followed by Domain Admin with 108 (32.1%) and Local Admin with 42 (12.5%).

In many observed cases, VPN and RDWeb access are sold with the Domain User privilege, while RDP is sold with either Domain User or Domain Admin.

If we compare the numbers of the top 5 access types offered for sale to last year’s data, we can see that RDP access has become more prevalent than VPN, although both access types remain the leading two categories. In addition, it seems that RDweb is much more popular among the sellers.

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As for the privilege types, the clear dominance of the Domain User privilege offered for sale has declined, though it remains the most common privilege type sold by IABs. In addition, the newer dataset lacks any mentions of the Local User privilege. The data indicates a decline in the previously dominant Domain User access offering. Despite this decrease, Domain User access remains the most frequently sold privilege level among Initial Access Brokers (IABs). Notably, the updated dataset contains no instances of Local User privilege sales.

This shift likely reflects evolving IAB monetization strategies and changing buyer demand. While Domain User access remains valuable for its broad network reach, its reduced dominance may signal heightened market competition, stronger defensive controls, or strategic diversification into alternative access types. The complete absence of Local User privileges suggests diminishing operational relevance and limited resale value, as threat actors increasingly prioritize access that facilitates lateral movement, privilege escalation, and rapid operational impact.

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Additionally, in RAMP, we observed an exploit targeting a vulnerability in the Oracle E-Business Suite (CVE-2025-61882) being offered for sale.

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CVE-2025-61882 is a critical vulnerability in Oracle E-Business Suite (versions 12.2.3–12.2.14). This flaw allows unauthenticated attackers to execute arbitrary code via HTTP, resulting in complete system compromise.

The vulnerability has been exploited as a zero-day by the Cl0p criminal organization to exfiltrate financial and human resources data for subsequent extortion attempts, as documented in the Rapid7 blog.

Demographic information

A comprehensive analysis of the underground market for illicit network access points reveals that most available listings concern networks in the United States, totaling 155 unique listings. 

This substantial figure constitutes a significant 30.9% of the total global data on illicit network access available for purchase. The dominance of the U.S. in this domain suggests a confluence of factors, including the sheer size and connectivity of its network infrastructure, the high value associated with compromised U.S. enterprise and government networks, and the relative wealth of potential buyers seeking access to these environments. The visibility of U.S.-based access points on darknet marketplaces underscores a considerable vulnerability and highlights the attractiveness of U.S. targets to cybercriminal syndicates seeking initial access for subsequent malicious activities such as data exfiltration, ransomware deployment, or espionage.

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The top 10 targeted countries list is very similar to the one from last year, which also placed the United States at the top, with a large margin from the following countries (the United Kingdom, India, and Brazil).

In addition, an analysis of the offerings indicates a pronounced concentration on particular sectors. The government sector is the most frequently targeted category, accounting for 14.2% of the observed offerings, likely due to the substantial value of sensitive data held. The retail industry closely follows at 13.1%, attracting IABs due to the presence of payment card information (PCI) and personally identifiable information (PII). The Information Technology (IT) sector is the third most frequent target, at 10.8%, valued for its potential as a supply chain vector to compromise a wide range of clients.

This strategic focus on Government, Retail, and IT underscores the IAB community's prioritization of targets that promise the greatest financial return, intelligence acquisition, or potential for systemic disruption.

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Unlike the top 10 countries list, the top 10 targeted sectors list is very different from last year’s, which was dominated by the Financial Services and IT sectors, with few network access offerings from organizations in the Government and Retail sectors. This is likely due to the inclusion of DarkForums in this year’s analysis, which usually contain many sellers offering access to government networks.

Individual analysis of Exploit, XSS, DarkForums, BreachForums, and RAMP

The following is a detailed, individual analysis of the five forums, covering their history, operations, and key trends from the latter half of 2025. This includes an examination of common illicit listings, typical base price ranges, and frequently targeted regions.

Exploit

Exploit has continued to function as one of the most technically rigorous Russian-language cybercrime forums. Historically focused on exploits, malware development, and high-end IAB offerings, Exploit has maintained a comparatively stable operational posture over the past two years. While selectively restricting access and tightening vetting following multiple international law enforcement takedowns of peer forums, Exploit has benefited from its long-standing reputation system and senior moderator structure. Between 2024 and 2026, it increasingly served as a venue for enterprise network access, VPN, and EDR-bypassed footholds, and post-exploitation tooling, rather than commodity credential sales.

Unlike last year’s offerings that focused on RDP access, the H2 2025 data shows that Exploit’s IABs are more focused on RDweb. The shift from RDP access to RDWeb access in H2 2025 is likely due to improved defenses against direct exposure to the RDP protocol. Faced with reduced capabilities to secure or remove RDP access points exposed to the internet, attackers are adapting by targeting RDWeb portals, which are often vulnerable and sometimes less well-protected. RDWeb offers reliable access to enterprise environments, making it an attractive alternative for initial access brokers. The United States remains the most targeted country, accounting for approximately 40% of cases in which the organization’s location is specified.

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Interestingly, while the average alleged revenue of the targeted organizations dropped from approximately $314 million to only $58 million, the base price of the offerings has gone 6 times higher than last year.

BreachForums (AKA Breached)

BreachForums has experienced the most visible volatility. Following multiple seizures and arrests in 2023–2024, the forum underwent several reboots under new administrators, each attempting to inherit the brand equity of the original platform. By 2025, BreachForums had largely reestablished itself as a data-leak-centric marketplace, with less emphasis on technical exploitation and a greater focus on breached databases, stealer logs, and extortion-related disclosure tactics. Trust erosion from repeated compromises, however, pushed higher-tier IABs and ransomware affiliates toward more closed or Russian-language platforms, reducing BreachForums’ role in elite access brokerage by 2026.

The precarious status of the Breached forum, as it is now called, is reflected by the number of IAB threads found this year (around 52% less than in 2024). This is likely due to the disappearance of very dominant players in the IAB community, such as IntelBroker (real name: Kai West), who was apprehended by law enforcement and charged in the U.S. with his crimes. Accordingly, the variety of access types was much more limited, dominated by remote code execution (RCE) and Shell access. However, unlike last year, which included only Domain Admin, this year we noticed additional privilege types offered: Domain User and Local Admin.   

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Just like in the other examined forums, the United States is the most targeted country (17.4%) in Breached, but by a substantially smaller percentage compared to last year.

As for the pricing, we see an opposite trend compared to Exploit - while the average alleged revenue of the targeted organizations has slightly increased in 2025, the base price of the offerings in Breached was cut in half.

XSS (formerly DaMaGeLaB)

XSS has retained its status as a premier Russian-language forum for initial access sales, ransomware partnerships, and credentialed access to corporate environments. Following intermittent downtime and administrator turnover in 2024, XSS emerged in 2025 with reinforced operational security practices and stricter membership controls. Over the past two years, XSS has increasingly served as a coordination hub for post-access collaboration, including handoffs between IABs, ransomware operators, and data theft specialists. Pricing trends observed on XSS indicate a shift toward higher-value, lower-volume access, particularly in Western enterprise environments.

Compared to last year's assessment, this forum showed the most significant shift. It went from being the most dominant forum for IAB threads to the lowest among the five forums we examined. In H2 of 2025, we only located around 20 threads (compared to almost 200 in 2024). This small number of threads makes XSS stats so statistically negligible as to be unanalyzable. This decline is likely due to many IABs shifting to newer, “shinier” cybercrime forums, such as DarkForums and RAMP. 

DarkForums

DarkForums rose to prominence as an English-language alternative following repeated disruptions to BreachForums. Between 2024 and 2026, DarkForums positioned itself as a hybrid marketplace, blending breach data sales, low- to mid-tier IAB offerings, and fraud services. While it lacks the technical depth of Exploit or XSS, DarkForums has become a key on-ramp for emerging actors, especially those operating stealer malware or reselling access obtained using phishing and MFA fatigue attacks. Its relatively open registration model has resulted in higher signal-to-noise ratios, but it remains valuable for tracking early-stage monetization trends.

DarkForums is one of the two new forums that were included in this year’s analysis, and the most dominant in terms of IAB threads. It had a somewhat unique access type, leading the board, Fortinet, followed by SSH, RDP, and Root access. The Fortinet access points were predominantly sold by a very active DarkForums user, BigBro. Interestingly, we also found another user, Big-Bro, active on RAMP, who is likely the same user, although selling different types of access points.

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Similar to the other forums, the most targeted country on DarkForums was the United States (25.8%); however, unlike the others, many of the network access offerings were from organizations in the Government and Retail sectors. 

As for the pricing, DarkForums had the highest average of alleged targeted organization revenue and offering base price by a very large margin compared to the rest. 

RAMP (Russian Anonymous Marketplace)

RAMP has continued to operate as a high-trust, invite-only ecosystem following its resurgence after earlier disruptions by law enforcement. By 2025–2026, RAMP solidified its role as a convergence point for ransomware affiliates, IABs, and cash-out services, rather than a general discussion forum. RAMP listings observed during this period emphasized full domain access, long-term persistence, and revenue-sharing models, reflecting a mature, partnership-driven cybercrime economy. Its closed nature limits visibility, but the activity that does surface suggests alignment with the most operationally sophisticated threat actors.

RAMP was another newly examined forum and the second-highest in terms of IAB threads. The most dominant type of access being sold by RAMP’s IABs was RDP, followed by VPN and Citrix by a large margin. The most common privilege types for sale were Domain User (56.4%) and Domain Admin (33.9%). Notably, most of the threads that were analyzed for this forum (78.8%) belonged to only two users, Big-Bro (mentioned earlier) and an allegedly Albanian user, lacrim.   

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In RAMP, the United States continued to lead the list of targeted countries (36.5%). The average alleged targeted organization revenue was approximately $440 million, and the average base price was almost $6400. 

Threat actors active across multiple forums

This research revealed that a subset of threat actors maintains an active presence across multiple forums, with the greatest overlap observed between Breached and DarkForums. This overlap is understandable, since DarkForums was intentionally designed as a "spiritual successor" and a like-for-like replacement for Breached following the latter's frequent law-enforcement disruptions. Consequently, the two platforms share a nearly identical visual and structural layout, both utilizing the MyBB forum software to create a familiar environment for users.

Recommendations

No security strategy can remain static. Policy frameworks and compliance controls alone are insufficient. Continuous monitoring of real-world access behavior is essential. Anomalous logins, unexpected privilege escalations, access outside normal business hours, or activity from unfamiliar locations should be treated as early indicators of compromise.

Proactive threat intelligence further enables defenders to anticipate which access methods are most likely to be targeted. An effective defense requires making stolen access difficult to exploit. Enforcing least-privilege principles, tightly controlling administrative rights, hardening remote access services with MFA, and accelerating intrusion detection all materially limit an attacker’s ability to escalate and persist. While breaches may still occur, rapid identification and containment can prevent them from becoming full-scale incidents. Organizations that evolve their defenses in step with access brokers can erode the attackers’ advantage, increasing the cost and reducing the effectiveness of cybercrime.

Conclusion

The comparison between 2024 and 2025 highlights how initial access brokers continue to adapt to increasingly robust defensive measures. As organizations strengthen their security postures, attackers refine the types of access they steal and monetize to maintain effectiveness. In 2025, high-privilege credentials, such as domain or local administrator accounts, will command greater value because they enable rapid lateral movement and immediate operational impact, leaving defenders little time to detect and respond. Lower-privilege access is steadily losing value, signaling a clear shift from volume-driven access sales to a focus on quality and impact. Access vectors are evolving in parallel. As VPN infrastructure becomes more hardened and closely monitored, attackers are pivoting to RDP, RDWeb, and SSH services that are operationally critical, widely exposed, and often subject to less rigorous scrutiny. This shift reflects a pragmatic path-of-least-resistance strategy rather than any decline in attacker sophistication.

Rapid7 software engineer Eliran Alon also contributed to this post.

Introduction

Despite sustained efforts by the global banking and payments industry, credit card fraud continues to affect consumers and organizations on a large scale. Underground “dump shops” play a central role in this activity, selling stolen credit and debit card data to criminals who use it to conduct unauthorized transactions and broader fraud campaigns. Rather than fading under increased scrutiny, this illicit trade has evolved into a structured, service-like economy that mirrors legitimate online marketplaces in both scale and sophistication.

This evolution has given rise to what can be described as carding-as-a-service (CaaS): a resilient underground market that wraps together stolen payment card data, tools, and support into easily accessible offerings. These stolen credit cards are also often bundled with sensitive personal information, substantially elevating the potential damage to both individuals and organizations, and making the financial loss the least harmful consequence.     

While numerous dump shops have been disrupted or shut down over time, several high-profile marketplaces, including Findsome, UltimateShop, and Brian’s Club, continue to shape the market and influence criminal activity. This blog explores these illegal marketplaces and their operations, shedding light on the modern carding economy and highlighting why stronger detection and prevention efforts remain critical.

The carding economy at a glance

Credit card information available on the black market is generally categorized into three types: credit card numbers, dumps, and 'fullz'.

• Credit card numbers minimally include the data printed on the card: the credit card number itself, cardholder name, expiration date, and the CVV security code. This group may also include the associated billing address and phone number.

• Dumps consist of the raw data from the magnetic stripe tracks. This information is essential for cloning physical credit cards.

• Fullz offers a more complete profile of the cardholder, containing additional personal information such as the date of birth or Social Security Number (SSN).

The exact origin of the information available on the different marketplaces is unclear and is being obfuscated by the admins and resellers; however, further investigation across different cybercrime forums revealed the common methods through which cards get leaked.

Phishing

Technological improvements have made phishing campaigns much easier to execute. Today, there are phishing-as-a-service (PhaaS) platforms and fraud-as-a-service (FaaS) modules allowing easy setup for new phishing campaigns, along with the infrastructure, page design, and even the collection of credentials or other stolen information (Figure 1). Phishing pages, tricking customers into providing personal financial information (PFI), are still an efficient source for stolen credit information.

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Physical Devices

Physical hacking tools, and other devices that could be attached to different payment devices or ATMs, are used to transmit information into the hands of a malicious actor. Different specialized stores offer to sell such devices and ship them, once again allowing even a novice to start stealing credit information for future use. Threat actors attempt to stay as up-to-date as possible, adjusting themselves to industry trends. These include “Shimming,” which focuses on modern EMV chips, instead of old “Skimming” devices, which require scanning the entire card (Figure 2). The hacking tools target not only ATMs, but also additional devices with daily credit card use, including gas pumps and point-of-sale (POS) machines.

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Malware

Since the large-scale Target breach in 2013, which resulted in the compromise of millions of credit card records, threat actors have steadily evolved point-of-sale (POS) malware variants such as BlackPOS and MajikPOS (Figure 3). In parallel, the widespread adoption of information-stealing malware (“infostealers”) has enabled attackers to harvest credit card data from a broad range of systems, typically alongside additional personally identifiable information (PII) and user credentials.

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Cross-Site Scripting (XSS)

Many posts found on different cybercrime forums provide carders with tips about how to exploit web security flaws. In some cases, there are actual examples and guides, including code samples for conducting XSS, i.e., redirecting network traffic into the threat actor’s hands through an injected code (usually JavaScript). Malicious actors inject the “sniffer” in the payment page itself, which later copies the inserted payment information and transfers it to them for future use (Figure 4).

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Key players in the carding underground

Through ongoing changes within the carding ecosystem and the developments made in fraud detection and prevention, the industry of stolen credit card trading continues to flourish. Banks and credit card companies might be fairly good at monitoring individual transactions, but not at disrupting the broader fraud supply chain. CaaS exploits gaps between payment security, identity security, and organizational visibility, monetizing stolen data upstream before fraud ever reaches issuer models. In addition, fraudsters feed on the ever-lasting weakness of the human factor, acting carelessly with personal information and ignoring security warnings.  

These factors, in conjunction with constant market demand, have kept several carding marketplaces, led by Findsome, UltimateShop, and Brian’s Club, in action for a lengthy period. While the design and branding of these marketplaces differ, their core offerings and functionality are largely similar. As a result, their administrators frequently promote their services across dedicated carding marketplaces and broader cybercrime communities.

The main interface of these marketplaces features a streamlined search function that allows users to filter available listings using several parameters, including Bank Identification Number (BIN), country, and “base” - a collection of card records linked to the same issuing bank, card brand (e.g., Visa or Mastercard), and card type, typically compromised within a similar time frame. Filtering options vary slightly between platforms and may include additional criteria such as price range or the availability of supplemental PII, including SSNs.

Search results generally display the card’s expiration date, issuing bank, cardholder name, and approximate geographic location. Each listing also indicates its price and whether it is eligible for a refund. Refund functionality is a critical feature in the carding ecosystem, as it enables buyers to recover funds for cards that later prove invalid. This capability often serves as a differentiating factor between marketplaces, as user complaints on carding marketplaces frequently center on invalid cards, denied refunds, or the resale of outdated card data.

These carding marketplaces do not disclose the sources of their stolen credit card data and appear to rely primarily on third-party vendors offering previously compromised records. This suggests that they operate as aggregators, reselling data obtained from multiple external suppliers after conducting their own quality assessments. While this model enables platforms to increase both the volume and diversity of their listings, it can also lead to inconsistencies in data quality. Additionally, some resellers appear to offer identical datasets across multiple marketplaces to maximize profits, resulting in overlapping bases between platforms (Figure 5).

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All three marketplaces support Bitcoin payments, while Findsome is currently the only platform that accepts additional cryptocurrencies, including Litecoin and Zcash. Minimum deposit requirements are generally low, ranging from $0 on UltimateShop to $20 on Brian’s Club, likely to reduce barriers to entry and attract new users. In parallel, Findsome and UltimateShop offer deposit bonuses, typically between 5% and 12%, to incentivize larger payments and encourage long-term user engagement.

These marketplaces are hosted on the dark web, with mirrored versions accessible via the surface web. To mitigate the risk of takedowns or law enforcement action, administrators frequently rotate their surface-web domains. This practice has likely contributed to the proliferation of fraudulent domains impersonating legitimate marketplaces, such as findsome[.]ink and findsomes[.]ru for Findsome, and ultimateshops[.]to for UltimateShop. These sites are designed to leverage brand recognition to deceive users and steal funds. In response, the marketplaces publish lists of their official domains and warn users about potential scams in an effort to maintain trust and protect their reputations.

Findsome

Findsome is a deep and dark web carding marketplace that has reportedly been active since 2019. The platform, whose administrators are likely of Russian origin, appears to specialize in the sale of stolen CVV, as well as Fullz. Listings are typically priced between $4 and $25 per record, depending on the perceived “quality” of the data.

Under its “Shop” tab, Findsome enables users to browse and filter available credit card listings of interest (Figure 6). Each listing specifies whether a refund is available should the card prove to be invalid, along with a defined “check time.” The check time refers to a limited window following purchase during which the buyer may attempt to verify the card’s validity and request a refund if necessary.

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During the designated check-time window, users may attempt to validate the purchased record. The marketplace claims to integrate third-party checker services, such as Luxchecker, which it describes as commonly used across comparable platforms. If the validation process indicates that the card is not valid, a refund is reportedly issued (Figure 7).

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Actors associated with the marketplace have been observed seeking “resellers” offering large bases on cybercrime forums (Figure 8). Although Findsome does not explicitly disclose information about its resellers, their aliases appear to be embedded in the naming conventions of the databases. For instance, a database titled “NOV 23 _#(KOJO***) GOOD US JP SE” suggests that it was supplied by a reseller operating under the alias “KOJO***.”

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An analysis of the databases published during the second half of 2025 identified the five most frequent resellers in that period (Table 1). These resellers largely dominated Findsome’s inventory, collectively accounting for more than 50% of its offerings. Overall, 51 resellers were active on the platform during this timeframe, with an average market share of approximately 2% per reseller. This distribution suggests that Findsome relies on a broad network of resellers, likely to diversify its listings and reduce dependence on a small number of dominant suppliers.

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Reseller	Records	Share
tian*****	303,818	13%
vygg*******	266,382	11%
mapk**	231,797	10%
atla****	231,757	10%
find*****	217,846	9%

Table 1 - Reseller market share

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Despite its prominence, Findsome appears to face competition from smaller, emerging platforms. While it is sometimes described within cybercrime communities as relatively “reliable,” discussions on underground forums reveal dissatisfaction with its pricing model. Some actors have criticized the marketplace for charging high prices for data that is frequently invalid (Figure 9), while others view the $100 account activation fee for new users as a significant barrier to entry.

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UltimateShop 

UltimateShop is a deep and dark web carding marketplace that has been active since at least 2022. Its administrators appear to be of Russian origin and offer mainly CVV and Fullz. The stolen credit cards are priced between $10 and $30 per record, depending on the assessed “quality” of the data.

Under its “Search CCS” tab, UltimateShop allows users to filter and browse available credit card listings (Figure 10). In addition to standard filters such as BIN and issuing bank, the platform enables users to specify a price range, select individual sellers, and limit results to listings for which validation is available. The results section displays key details about the issuing bank and cardholder, as well as the seller’s name, an assessed validity percentage, and refund eligibility. It should be noted that certain BINs and issuing banks are excluded from validation checks on UltimateShop.

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While purchasing a record, users may initiate a validation check where applicable (Figure 11). UltimateShop does not impose a strict timeframe for this process and does not disclose the checker or validation mechanism used. If the card is deemed invalid (e.g., marked as “Decline”), the user is eligible for a refund.

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UltimateShop’s inventory is largely dominated by a small number of resellers, which collectively accounted for 76% of the platform’s largest offerings during the second half of 2025 (Table 2). SuperUSA appears to be the most prominent seller, contributing approximately 35% of all available records. This concentration indicates a higher reliance on a limited set of resellers and comparatively lower diversification than competing marketplaces such as Findsome. In total, 22 primary resellers were identified on UltimateShop, with an average market share of approximately 5% per reseller.

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Reseller	Records	Share
superusa	293,931	35%
best	116,464	14%
virgin	82,672	10%
sanji	79,110	9%
freshsniffer	62,760	8%

Table 2 - Reseller market share on UltimateShop

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While UltimateShop remains a well-established platform within the carding ecosystem, its reputation is increasingly being challenged by negative user feedback. Complaints frequently cite high prices and a significant proportion of invalid records, issues that may stem from the platform’s reliance on a small number of potentially unreliable sellers (Figure 12).

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Brian’s Club

Active since 2014, Brian’s Club is a well-established player within the carding ecosystem that was originally created to “troll” security researcher and reporter Brian Krebs and his work. Like other marketplaces, it offers a wide range of listings, categorized as “CVV2,” “Dumps,” and “Fullz” (Figure 13). Prices typically range from $17 to $49, though higher prices are often observed for records that include PINs, an uncommon feature among carding marketplaces.

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Another key point of differentiation for Brian’s Club is its extensive offering of dumps, suggesting explicit support for credit card cloning. This is further reinforced by the availability of a “Track1 Generator” tool, which facilitates the creation of physical copies of compromised cards. Together, these features represent a relatively unique value proposition within the carding market and indicate that Brian’s Club administrators have deliberately positioned the platform to address specific customer needs and prevailing market dynamics.

General statistics

Note: The data in this section, specifically the numerical figures, comes directly from the marketplaces and, therefore, its precision cannot be independently verified or guaranteed.

Out of the examined marketplaces, Findsome has the largest market size with 57.6%, followed by UltimateShop (26.6%) and Brian’s Club (15.8%)(Figure 14).

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The vast majority of leaked credit cards are Visa cards (60.4%), followed by Mastercard (32.3%), American Express (4.3%), and Discover (3%), with this distribution remaining consistent across the three examined marketplaces (Figure 15). These numbers, however, do not reflect the actual market size of each brand, as according to the 2025 Nilson Report, Visa and Mastercard control relatively similar market sizes, with 32% and 24%, respectively, and American Express and Discover are far behind with 6% and 0.9%. In addition, the most popular credit card brand, Union Pay, with 36% of the market, is not even among the top 4 most leaked brands, probably due to its relatively unique target audience (China), which is not typically targeted by carders in these marketplaces.

However, the leaked credit cards' brand distribution more closely resembles their market share in the United States (Visa - 52%, Mastercard - 24%, American Express - 19%, Discover - 5%), which is where most of the victims originate.

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Most of the leaked credit cards we observed in H2 2025 belong to US customers, followed by ones from Canada (by a large margin) and the United Kingdom (Figure 16). 

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When comparing the top 10 countries list of each of the examined marketplaces (Figures 17, 18, and 19), we can see that UltimateShop’s list is somewhat unusual, with rarely targeted countries, like Peru and Norway, making the Top 10 list while surpassing very populated and highly targeted countries, such as the United Kingdom and France. In this sense, it should be noted that the geographic data sourced from UltimateShop contained numerous inconsistencies. Thus, it may not be a reliable indicator of the actual distribution of victims.

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When examining the monthly distribution of leaked credit cards (Figure 20), we observe that the largest volume was recorded in November and December, likely due to the shopping season (e.g., Black Friday and Cyber Monday) that occurs around that time.

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When examining the types of personal information being exposed along with the leaked credit card, we saw that most of the credit cards are also attached with an email address or a phone number (or both), with the highest percentages recorded in UltimateShop (99.4% of the cases), followed by Findsome (87.7%), and Brian’s Club (75.7%). This means that the leakage of a credit card not only poses a risk for financial scams resulting in monetary losses, but also exposes PII, which may lead to identity theft and impersonation attempts.

The future of carding

The carding ecosystem is gradually moving away from large-scale magnetic stripe (“dump”) fraud as EMV adoption makes card cloning harder and less reliable. While shimming and the capture of PINs allow criminals to continue card-present fraud, this approach is riskier, more expensive, and usually limited to specific regions or devices. As a result, EMV-based fraud is unlikely to fully replace the dump economy at scale. Instead, it is expected to support smaller, localized operations rather than the global, highly automated carding marketplaces that dominated in the past.

At the same time, carding marketplaces are increasingly focused on selling richer data sets that include personal and contact information (“Fullz”), not just card details. This shift enables a wider range of fraud, including account takeover, wallet abuse, phishing, and identity-based scams, which are less dependent on the underlying payment technology. Rather than disappearing, carding-as-a-service is evolving into a broader identity-driven ecosystem, where marketplaces supply raw data, and buyers use automation and AI to decide how and where to exploit it.

What organizations should do

The continued growth of carding marketplaces highlights how credit card theft has evolved into a resilient, service-based criminal economy that is difficult to disrupt through takedowns alone. In addition, as stolen cards are increasingly bundled with credentials and personal data, the potential damage inflicted by the CaaS economy has ceased to be purely financial. The impact extends beyond isolated fraud events to long-term identity abuse and account compromise affecting both organizations and consumers.

To cope with the growing threat of stolen credit cards and leaked credentials, organizations should adopt a defense-in-depth approach that combines prevention, detection, and rapid response. This includes strengthening protections against common compromise vectors such as phishing, malware, and web application vulnerabilities by enforcing multi-factor authentication, regularly patching systems, hardening payment pages against client-side attacks, and conducting ongoing security awareness training. At the same time, organizations should invest in continuous monitoring capabilities to detect early signs of exposure, including visibility into dark web and underground marketplaces where stolen card data and credentials are traded. 

By proactively identifying leaked assets, correlating them to their own environments (for example, through BIN monitoring), and responding quickly through card reissuance, credential resets, and fraud monitoring, organizations can significantly reduce both financial losses and downstream risks such as identity theft and account takeover.

Rapid7 customers

There are multiple detections in place for Threat Command and MDRP customers to identify and alert on the threat actor behaviors described in this blog. Specifically, Threat Command monitors dark web activity, including exposed credit card details that are being sold on carding marketplaces. Relevant incidents are flagged based on the customer’s assets, specifically their BIN. When a listing containing these assets is identified, a “Credit Cards For Sale” alert is issued (Figure 21). In addition to notifying customers, these alerts enable them to quickly and securely acquire the detected bot through the “Ask an Analyst” service.

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