The business of online fraud has developed into a sophisticated underground criminal operation that continues to evolve every day. Much like a real-world business, fraud "entrepreneurs" offer products and services for a profit; they fight to gain competitive advantage and market share, are continually innovating to improve their offerings and meet the needs of customers, and are affected by the laws of supply and demand.

This white paper examines how the fraudster underground operates, the intricate supply chain that supports it, and how it continues to evolve.