Dump Credit Card – What is a Credit Card Dump?

A dump Credit card is electronic information stolen or copied from your credit card account. These cards are cloned by criminals and used for unauthorized credit card transactions. In some cases, this stem information is sold on the Internet to other criminals who are making fraudulent charges. This information may be used to create a fake credit card for purchases.

Dump Credit Card

Credit card dump is used to create public awareness of the increasing rates of credit card issues like forgeries, identity theft, and cybercrime. A credit card dump is an unauthorized digital copy of customer information, contained in a magnetized black strip at the back of a credit card. The magnetic strip on your credit card contains three strips of information, first contains your credit card number, the cardholder’s name, and the card expiration date.

Credit Card Dumping

The second track stores the credit card number and the expiration date and the third contains information on the customer loyalty programs. Surprisingly, these criminals have ways of getting credit card dumps.

But the commonest among all is the Skimming. An illegal card reader device hides in the automated teller machine (ATM). Or at a gas station pump, this will copy the data from a credit card. Also, they hack into a merchant’s machines install Spyware on the machine, and hack into a retailer’s network to gain access to data.

However, it takes a long period before one can even detect a Credit card dump. The cardholder may simply cancel their cards if they suspect any security compromised then making the information worthless.

The first indication that a credit card dump has happened, is when a customer sees unwanted information in their credit statement. Or when they receive alerts from retailers informing them about a broader hacking attack on the retailer.

What Causes Credit Card Dump?

Cybercrime has been on the increase recently. Many customers are victims of this act daily. Most criminals operate on a large scale, breaking into the company’s networks.

If their mission works out, they will obtain dumps of thousands of credit cards, and all the information they get can be resold. Hacking into a high–profile establishment is an indication that this menace it’s hard to tackle at the time.

How Do I Protect Myself From Credit Card Dump?

Since this cybercrime is at a high rate, credit card companies have mechanized a way to reduce this crime. However, EMV chip credit cards will combat this act. Using your chip, the credit card information is encrypted making it hard for hacking. Protecting your credit card information is very vital and one has to take some precautions to ensure its protection.

  • Always check ATMs, gas pumps, and other machines when you’re using your card. Especially for anything with an added device that may look suspicious.
  • Review your credit card statement very often for any illegal transactions. Such as credit card alerts, and any other thing that looks suspicious. Even a small amount on the purchase. Criminals always check out the validity of your card by making a small purchase, which may likely escape your detection.
  • Be careful at the places that you make use of your card stores, restaurants, cinemas, and others.
  • Keep your credit card information secure.

The Fair Credit Billing Act limits a credit cardholder’s liability up to $50 if the card is physically stolen. A consumer whose card information is stolen definitely will face inconvenience and hassle. it’s better to prevent it.

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