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Hackers Threaten Amazon Third-Party Sellers

...the answer is yes. The Journal reports that hackers are using credentials stolen from Amazon’s third-party sellers to post fake transactions and steal cash. In addition, they have also hacked into the accounts of Amazon sellers who haven’t used them recently to post nonexistent merchandise for steep discounts in an attempt to pocket the cash.

Juozas Kaziukenas, chief executive of Marketplace Pulse, a business-intelligence firm focused on e-commerce, tells reporters, “Hacking Amazon is becoming…increasingly a big deal. The value to be gained is bigger as Amazon grows.” According to the report, the fraud stems largely from email and password credentials stolen from previously hacked accounts and then sold on what’s dubbed the “dark web,” a network of anonymous internet servers where hackers communicate and trade illicit information. Such hacks previously have struck sites such as PayPal Inc. and eBay Inc., but Amazon recently has become a target of choice, according to cybersecurity experts.

CJ Rosenbaum, a New York-based lawyer who represents Amazon sellers, also told reporters that more than a dozen of his clients have told him they were hacked, a number of whom lost about half of their monthly sales of $15,000 to $100,000. They are asking Amazon for their money back, he said.

The Journal reports that the precise scope and financial impact of the Amazon attacks is unclear. However, some sellers told the paper that the hacks have shaken their confidence in Amazon’s security measures. Third-party merchants are critical for Amazon’s retail business, with more than two million sellers on the site accounting for more than half of its sales, including more than 100,000 sellers who each now sell in excess of $100,000 annually.

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