What Is a Credit Card Dump?
A credit card dump is a type of crime where criminals make unauthorized digital copies of credit cards. This form of digital theft has existed for decades but has gained increased attention due to the rising occurrences of credit card forgeries, identity theft, and cybercrime.
Key Takeaways
- A credit card dump involves stealing credit card information and making it available to potential buyers.
- Thieves either copy data physically or hack payment networks of targeted companies.
- Large-scale attacks involving millions of credit card numbers have become more prevalent in recent years.
How Credit Card Dumps Work
Credit card dumps can occur in numerous ways. One common method is skimming, where an illegal card reader, often hidden in an ATM or gas station pump, copies data from a credit card. Additionally, cybercriminals may compromise computer systems in companies handling credit card data. For instance, by infecting point-of-sale (POS) devices in retail chains, they can access thousands of customers’ credit card numbers.
Although personal information numbers (PINs) and security chips provide added protection, hackers continuously find new vulnerabilities to exploit within the electronic payments system. Cybercriminals then resell stolen credit card information on the black market or use it for unauthorized online purchases.
Protecting Against Credit Card Dumps
Consumers have several methods to mitigate the risk of falling victim to cybercrime, even though absolute prevention can be challenging. Measures to enhance security include:
- Avoid sharing credit card information indiscriminately.
- Keep credit cards secure when in public places.
- Inspect ATMs, gas pumps, and POS machines for suspicious objects.
- Regularly review credit card statements for unfamiliar transactions.
Examples of Credit Card Dumps
Capital One
In July 2019, Capital One revealed that a hacker accessed personal information of around 106 million customers and applicants in the U.S. and Canada. This included names, social security numbers, income, and detailed histories dating back to 2005. This is the second-largest recorded data dump to date.
Canva
In May 2019, hackers breached the graphic design website Canva, compromising nearly 140 million user accounts. Amongst other personal details, the breach included access to users’ credit card information.
Adobe
In October 2013, Adobe experienced a large-scale hack resulting in the theft of nearly 3 million credit card records. Additionally, over 150 million user data items were stolen as part of the breach. Adobe settled with affected customers, offering approximately $1 million in recompense.
Significant Credit Card Dumps in History
Equifax
In September 2017, the largest recorded credit card dump involved Equifax. This breach exposed personal data of over 147 million customers, including extensive credit card details.
First Known Incident
The first significant credit card dump occurred in 1984. The New York Times reported that the password for TRW, a leading credit union, was stolen from a Sears store. This unlocked access to numerous credit histories and personal information, leading to substantial credit card theft.
Protecting Yourself from Credit Card Dumps
While security breaches can occur through the companies you interact with, taking proactive steps can help. Be vigilant for any suspicious activities and promptly contact your credit card issuer if a breach is announced or if you notice unusual transactions.
A modern protective measure involves using virtual credit card numbers. Issued by many banks, these temporary numbers can be used for online shopping and protect your actual card details. Virtual numbers are single-use, providing an additional layer of security.
By staying informed and adopting proactive security measures, you can better safeguard your digital financial identity against the threat of credit card dumps.
Related Terms: skimming, personal information numbers (PINs), security chips, point-of-sale (POS) systems, data breaches.
References
- CNN. “A hacker gained access to 100 million Capital One credit cards”.
- Codeburst.io “Decrypting Canva’s Security Breach”.
- CSO. “The 15 Biggest Data Breaches of the 21st Century”.
- Federal Trade Commission. “Equifax Data Breach Settlement”.
- New York Times. “CREDIT FILE PASSWORD IS STOLEN”.
