Test platform MS Win2k.
The executable is distributed with source code. I did not re-compile but gave the source a very cursory glance over. Nothing immeditately jumped out at me but remember, I am not a hugely experienced programmer.
InCtrl5 listed no registry entries changed and no files added. The USBDumper executable is clearly visible in Task Manager.
The process has not shown any signs thus far of attempting to access any network facilities.
It does what it claims. In the directory from which it was executed, it creates a folder of todays date and copies the information from the USB memory device into it. If the folder exists the files from the key are copied into it.
It does not always work. My Dell 16MB key - it always copies the data off. My 1GB key - no joy. Both are FAT formatted, I will need to find my NTFS formatted key before I can test.

Requires a little more investigation.