Sponsor Robert Siciliano as he runs the Boston Marathon for Miles for Miracles, Children's Hospital Boston
ROBERT SICILIANO is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds.

FREE EBOOK

Check here if you're human

Sponsors

POS Skimming—Bad News for Banks and Merchants

0
Pin It

EFTPOS skimming has become increasingly prevalent over the past few years. EFTPOS skimming—which stands for “electronic funds transfers at the point of sale”—involves either replacing the self-swipe point of sale terminals at cash registers with devices that record credit and debit card data, or remotely hacking a retailer’s POS server.

In one such case, Romanian hackers are alleged to have remotely accessed hundreds of small businesses’ POS systems and stealing enough credit card data to rack up fraudulent charges totaling over $3 million. The hackers’ targets included more than 150 Subway restaurant franchises and at least 50 smaller retailers.

Officials report a wave of credit and debit card attacks, involving point of sale terminal swapping, data skimming, and hacking into payment processors. The U.S. Secret Service, for example, will not disclose details about specific cases, but confirmed, “they are conducting a multi-state, multi-country investigation into this string of crimes.”

Meanwhile, the Oklahoma Bankers Association has stated, “It is beyond apparent our bankers are taking great losses on these cards and we also need to explore creative ideas to mitigate these losses. It is in the best interest of retailers, bankers, processors and card providers to find ways to limit these losses so that debit and credit cards can remain a viable method of payment.”

When the use of these stolen credit cards go online, iovation’s ReputationManager 360 helps banks and online merchants avoid fraud losses by detecting high-risk behavior and stopping cybercriminals in their tracks. iovation’s device identification and device reputation technology assesses risk on activities taking place at various points within an online site such as account creation, logging in, updating account information, attempting a purchase, or transferring funds. These checks can be customized and fine-tuned to suit the needs of a particular business, detecting fraudulent and risky behavior in order to identify and block cybercriminals for good.

Robert Siciliano, personal security and identity theft expert contributor to iovation, discusses POS skimming on CBS. Disclosures.

About the Author
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.

Similar Posts

  • A Viable Solution to Wave of Skimming and Point of Sale Attacks
    Officials are reporting a wave of credit and debit card attacks targeting point of sale swapping, skimming of card data, and hacking into payment processors. Reports say the U.S. Secret Service, among others, are in the process of investigating a multistate crime spree. The Oklahoma Bankers Association commented, “It is beyond apparent our bankers are taking
  • Breach Means More Retailer Card Fraud
    Over the past 5 years a scam known as electronic funds transfers at the point of sale (EFTPOS ) skimming. People commonly swipe both credit and debit cards through the in-store machines to pay for goods and services and hackers have figured out how to skim customer cards. In Australia, Fast-food, convenience and specialist clothing stores are
  • Supermarket Skimming Scam Highlights Retailer Risk
    A California supermarket chain recently sent letters informing customers that a security breach had been discovered at 20 of their stores. The breach notification letter released by Lucky Supermarkets reads, in part: “Dear Lucky Customer: In the course of regular store maintenance, we discovered our credit/debit card readers at the self-check lanes ONLY in 20 stores (listed
  • Skimming, Identity Theft and How Online Business Defend Against Cybercrime
    Over the past 5 years a scam known as electronic funds transfers at the point of sale (EFTPOS ) or skimming has been prevalent. Consumers commonly swipe both credit and debit cards through the in-store machines to pay for goods and services and hackers have been adept at coming up with ways to skim those
  • Card Not Present Fraud Burdens eTailers
    More than 90% of online purchases are made with cards, whether they are credit, debit, or gift cards. A virtual payment that takes place online or over the phone, without physical inspection of the card, is considered a “card not present” or CNP transaction. In a CNP transaction, it is not possible to examine

Leave a Comment

You must be logged in to post a comment.

Xtreme School

Featured in

Anderson Cooper John Stossel Robert Siciliano Featured in
Browse by Month

Browse by Category