What is a credit card dump?
A bank card dump is a kind of crime where the criminal makes an unauthorized digital copy of a bank card. Such a crime has been around for many years, but has recently come to public attention due to the growing prevalence of bank card forgery, identity theft, and different forms of cybercrime.
Key points to remember
- A credit card dump is a kind of crime where credit card information is stolen from customers.
- Thieves achieve this both by physically copying the information from the cardboard or by hacking into the financial community of the companies in question.
- In recent times, criminals have been undertaking increasingly massive credit card drain attacks, typically claiming tens of millions of victims.
How credit card dumps work
There are many methods by which a credit card drain can occur. A popular technique is skimming, whereby an illegal card reader, usually hidden in a reputable ATM or gas pump, copies information from a bank card. In different cases, cybercriminals are able to receive many card numbers directly, by compromising companies’ computer programs that process the buyer’s credit card information. For example, criminals can seize thousands of bank cards from retail customers by infecting the point-of-sale (POS) units of a large retail chain.
While measures such as private information numbers (PINs) and security chips can also help make this theft more difficult, hackers nonetheless continue to seek new methods to take advantage of weaknesses in the digital payment system to to enter useful information on bank cards. To profit from this theft, cybercriminals resell credit card information on the black market. In the United States, this type of stolen information can be purchased for between $20 and $80 per card. Alternatively, the hackers can also use the knowledge themselves in order to make unauthorized online purchases using stolen bank cards.
Finally, users have limited means to protect themselves against the risk of cybercrime. However, even the most cautious people can be victims of credit card theft if hackers manage to compromise the programs of the companies where they store. Nevertheless, there are steps people can take to reduce some of their dangers. These include refraining from sharing their bank card information with others, keeping their bank cards within easy reach in public places, looking for any suspicious objects on or around ATMs, gas pumps and cash machines; and frequently review their credit card statements for any unknown transactions.
Example of a credit card dump
Unfortunately, there are not a rarity of examples where hackers have managed to compromise massive amounts of credit card information from unsuspecting customers. In May 2019, for example, Australia’s favorite graphic design website, Canva, was hacked by hackers, with nearly 140 million personal accounts compromised. In addition to private information such as names, usernames, and email addresses, the hackers also managed to capture customers’ credit card information.
Another notable incident occurred in October 2013, when Adobe (ADBE) misplaced nearly 3 million purchasers’ credit card data in a large-scale hacker attack. The breach was half of a larger effort in which the information of more than 150 million customers was also stolen. The company eventually reached a settlement of approximately $1 million with its customers over the incident.