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Thieves attacking credit card processing security
July 8, 2012 - 1:08pm
Every advancement in financial security is eventually met by a counter-measure by aspiring thieves. Wallets and purses were quickly pursued by pickpockets. Bank vaults were inevitably targeted by safecrackers. Online accounts were eventually compromised by ingenuitive hackers.
The latest front of this enduring war is the pos terminal. According to The Globe and Mail, these pin-based payment processing systems are the target of scores of cybercriminals across North America and Europe.
"Our research shows security of PIN pads is below that which consumers should expect for transactions of this nature," Ian Shaw, managing director of the IT security company MWR InfoSecurity, told the source.
This new trend means that consumers are likely to be more wary of using plastic at purchases. Threats of compromised personal information could make shoppers think twice before using a credit card or debit card if they feel the merchant is less than current with their defensive measures.
Of course, the dangers of insufficiently protected financial information could hurt businesses in more ways than just a reduction in customers.
"It may also leave merchants unprotected and cause serious disruption to their businesses, potentially exposing both of them to serious fraud," Shaw told the source.
In order to strengthen their point of sale security as well as put their customers more at ease, businesses should contact their merchant services provider to learn about their options. Employing the most up-to-date equipment as well as ensuring they have the best service and maintenance available can help bolster the confidence of both business owners and customers.
As cybercriminals continue to find new ways of accessing consumers' financial information, it is important for merchants of all types to do what they can to increase security.
As more Canadians use their debit cards and credit cards to shop online, it has become more important than ever for consumers, merchants and public officials to make sure that the internet commerce sector is as secure as possible.