5 Fascinating Facts About Point Of Sale Malware

category: News posted: October 20, 2016
5 Fascinating Facts About Point Of Sale Malware

Point of Sale (POS) malware is not as rare as it used to be, and it’s been causing serious amounts of damage to retailers throughout the globe. Big box stores like Kmart and WalMart have fallen victim to it. Chains of fast food restaurants have suffered major losses because of it. And, small business owners should be concerned about it. No small business is immune from a hacker attack, and that means that smart entrepreneurs will work hard to learn what they can about POS malware. Here are some shocking facts you probably didn’t know.

  1. It’s older than you think. POS malware is decades old. The first example of this form of malware was discovered in the early 1990’s. However, it has taken a lot longer to spread than most other forms of attack.
  2. There’s a black market that caters solely to this form of malware. Point of sale malware is being traded on the deep web and in “real life” underground black markets. Because of its ability to get loads of information without having physical signs of its presence, its popularity is booming on black markets.
  3. Not all POS malware is detectable. The newer waves of malware often take time for security companies to notice – and this means that there are cases where even up-to-date malware detection programs may prove to be useless. However, any prevention you can get is good prevention.
  4. Malware fraud causes billions in loss every year. It’s becoming a leading cause of credit card fraud. Most businesses affected by malware end up having to spend thousands to correct the issue, and also will lose thousands (if not more) in terms of potential sales. In many cases, major malware attacks caused companies to shutter their doors because losses were too big to recuperate in time.
  5. The terminal you use can make all the difference. A lot of malware won’t work on highly advanced terminals because of the programming that those terminals come with. By choosing a modern terminal with quality safeguards, you’re protecting your company from being harmed by a hacker with a penchant for identity theft.

Point of sale malware is no laughing matter, and it can be a huge cause of loss for your company. Currently, the FBI believes that over 1,000 small businesses are dealing with malware-infected terminals without even knowing it.