Credit card dump are unauthorized digital copies of information contained in the magnetic strip of credit card, such as card number or expiration date. This information can be used to create a fake credit card to make purchases. “Credit card dump” is another term used initially. This term is widely recognized by credit card forgeries, identity theft, and cyber crime.
How a Credit Card Dump Works
Credit card dumps can be obtained in several ways. A common method used by hcakers is skimming. According to this method, an illegal card reader that can be hidden in an ATM or a fuel pump, copies the credit card data. Other methods include hacking into the retailer’s network or using malware to infect the point-of-sale or merchant’s device and allow criminals to access the data. Despite security chips and other advanced credit and debit card protection measures, hackers continue to look for new ways to exploit loopholes in electronic financial transactions.
Criminals who obtain credit card dump can use this information alone or sell it to other people online or via social networks. It can be assumed that credit card dump containing US card data sell for between $20 and $80 in the underground economy.
In many cases, consumers may not know that credit card data has been dump. The thief tries to prevent the detection of credit card dumps, as the card holder can easily block the card if it is suspected of being compromised. The first sign of data dump is when the consumer finds a purchase that is not recognized on their credit card statement or when the consumer receives a notification from the retailer that their credit card details may have been stolen.
In many cases, individual consumers are victims, but some criminals are active on a large scale and try to break into the networks of established companies. If they succeed, they may obtain dumps of thousands of credit cards and resell them. The spate of hacking attacks targeting a large number of high-profile retailers shows that it is difficult to stop and probably here to stay.
Protect Yourself from Credit Card Deposits
- Consumers need to rely on retailers to practice safe cyber-security, but at least some precautions can reduce the chances of being a victim of credit card dumps as follows:
- Pay attention to how and where your credit card information is shared.
- Do not leave out of your sight, your credit cards in stores or restaurants.
- Check ATM’s, fuel pumps, and other machines that use cards that looks suspicious, such as added devices.
Check frequently on your credit card statement for unknown transactions, including the smaller ones, and alert the card company about your credit card if anything is found. Remember that criminals often test the validity of credit cards by making small purchases and may escape detection.
EMV Enabled Credit Cards
EMV chip credit cards are those which the credit card industry strives to combat information about credit cards. If you use a chip, your credit card information is encrypted and less likely to be hacked. The credit card information remains stored on the magnetic strip but it is still at risk each time you swipe your credit card in a location where no chip reader is installed or activated.