Credit Card Dump - How to Protect Yourself From Credit Card Skimmers

Credit Card Dump: A common form of identity theft, credit card dumping can harm you. There are a few precautions you can take to protect yourself. You can learn more about how to protect yourself and how to spot a skimmer. You can also learn more about the importance of Buyer's insurance, and how to protect yourself from credit card scams.

Skimmers

Credit card skimming devices use low-tech magnetic stripe technology to steal sensitive information from cardholders. These devices have been around for nearly 50 years, and many places still use them as a fallback method. Newer credit card systems such as "chip and PIN" or "EMV" (EuroPay MasterCard Visa) use a different technology that can prevent skimmers from reading card numbers.

In the past, skimmers were installed on gas pumps and vending machines, which mimic security mechanisms. While low-tech models record data in onboard memory, more sophisticated versions connect to off-site storage locations and can be accessed remotely. If you are in doubt, pull up next to a store clerk's window or use a surveillance camera.

Credit card skimming is a growing cybercrime business, but lone-wolf actors have also joined the fray. Because nearly everyone uses a credit card, skimming it is a lucrative business for cybercriminals. Although it doesn't hurt the cardholder, it does cost the credit card company money. The resulting cc dump can take days or even weeks to process.

Malware-based attacks

In October 2017, Equifax revealed that its database had been compromised, exposing 150 million customer records, including 12,000 U.S. social security numbers and sensitive birth dates. The Russian Federal Security Service said in December that it was conducting cyber attacks against Russian banks. The Securities and Exchange Commission filed a lawsuit against three Chinese traders for installing malware on the network of law firms they worked with in order to steal confidential information.

A new malware-based attack on retail stores is targeting U.S. retailers with the goal of stealing credit and debit card information. The news comes just ahead of the holiday shopping season, when many shoppers plan to use their cards. The attacks are targeting a variety of businesses, including retailers, health care providers, payment card processors, and hospitality companies.

The malware, known as Dump Memory Grabber, copies and transfers data from the magnetic strips of physical credit cards. It then sends a log file to a remote server. The information obtained by this type of malware can be used to clone physical credit cards.

Buyer's insurance

A common benefit offered by credit cards is purchase protection. This type of insurance allows consumers to file a claim with the credit card issuer if something goes wrong with their purchase. Each major credit card network has its own policy, so it's important to read up on it. When you're planning to buy an expensive item, make sure to check your network's policy to see how much it covers. You can file claims online or over the phone.