The 5 Facts About POS Retail Malware That Each Entrepreneur Should Know

As the technology adaptation in businesses is becoming a norm, the same way its issues are turning into real threats. Malware and viruses are programs and worms that online fraudsters are using to steal data from your retail POS system.

Vast and small retail businesses have the same levels of becoming victims of cyber-attacks. In fact, in the recent days, high ranking and renowned organizations across the world such as Walmart, PayPal and Kmart have been preys of malware attacks.

With this in mind, every entrepreneur needs to know about the facts of retail POS system malware so that they can develop a strategy to deal with it in case they fall preys. Here they are:

  1. POS malware lead to significant loss

Obvious, your point of sale deals with transactions and swiping of client’s cards as well as any other information relating to their confidential information. As such, malware is targeted at these points to help the fraudster steal both business and customer information. With this information, they can hack your transactions and direct the money into their accounts without your knowledge.

In the end, your business suffers great losses regarding revenue and customers. In a worse scenario, malware may lead to a collapse of your business as well as spend a lot of cash to compensate the victims.

  1. No POS system is 100% protected from POS malware

Even with strong anti-malware and anti-virus programs, some point of sale malware finds their way into your retail POS system. This malware is not detectable meaning that your business can be under attack even when all tests indicate that you are secure. However, it is important to have updated malware protection programs. Even though they may not be 100%, they can prevent extensive losses. Also, regular updates may enhance your malware protection and identification even more.

iii.    POS system malware are almost the same age with other types of virus and worms

As a new entrant into retail POS system application into your business, you might think that point of sale malware came into existence the other day. The fact is that they are as old as other types of malware. The first case of selling point malware was reported in the early 1990’s. Nevertheless, the malware has taken much time to turn into a big threat in comparison with other types.

But due to technology adoption in this era, they are becoming a significant threat to businesses today. In fact, without due diligence, you may purchase and install a new POS system that is already compromised with malware. As such, you need to assess such a system before making the final decision.

  1. POS system malware is a hot black market

While businesses lose billions due to this type of malware the fraudster always celebrate whenever they succeed on their data stealing mission. Malware is a hot cake business in the black market. Large scale selling takes place on the web and the physical world. Given that malware is software, anyone with the capability to develop undetectable malware is of high demand and an asset to fraudsters.

In fact, the fraudsters are willing to liaise with unfaithful staffs at any cost to have access to the organization information. As such, since information is cash, the POS malware has become a booming hustle in the black market.

  1. Installing different types of Retail POS systems can help you to overcome the threat.

POS malware is not compatible with every selling point system. Some work best on particular types and fail in others. As such it is important to operate different types of point of sale systems in your business. In case one is under attack, you can move the operations to the next.

Additional reading: How to Choose the Right Point of Sales System for Your Business: A Retailer’s POS Checklist

By | 2017-08-02T15:28:53+00:00 August 1st, 2017|Blog|