According to the security experts, the Facebook account details are changing hands for around 89p each. Other profiles being sought by the gangs include login details for MySpace and internet phone company Skype.
Cyber criminals are then obtaining access to the accounts and using them to send "spam" messages to millions of other computer users that contains links to video or audio sites.
Unsuspecting web users that click on the link will be transported to websites hosting malicious files. By clicking on the links, people's computers become infected with spyware viruses that can track keystrokes and copy details such as passwords to online bank accounts.
Trend Micro reported a five-fold increase in internet scams aimed at stealing personal details, since September .
Senior security advisor at Trend Micro, Rik Ferguson, said: "We give away a huge amount of personal information on social networking sites."
"Hordes of cyber criminals are drawn to them," he said. "Whether you're going online to use Facebook, for banking or Christmas shopping, you should be aware that hacking and identity theft tends to increase at certain times of the year".