Due Diligence: Slow EMV Adoption; Fed Calls For Coordinated Security
Introduction
It is a constant tussle, struggle — pick your word — for merchants and consumers striving for digital safety in their daily rounds of charge card and debit use with slow EMV adoption. And with the constant news of data breaches and new malware discoveries, it sometimes seems such relative “safety” is a grail that will always be just out of reach.
The Rise of Mobile Malware
For example, a week after we reported on the Samsung Galaxy security flaw, comes news that Android operating systems make up the vast bulk of mobile malware incidents: “Typically,” says the Inquirer tech news website, “Android has proven the biggest victim of mobile malware, with the report noting that the operating system currently accounts for 97 percent of all mobile malware.
The Vulnerabilities in BYOD Policies
“This rise in malware should put enterprises on guard, with Pulse Secure noting that firms might want to think twice before introducing bring your own device (BYOD) policies, and regularly review them if they decide to go ahead,” the article continues.
The Impact on Network Security
In other words, one of the biggest “weak links” in your own business’ various firewalls and protection schemes may be when someone plugs in a device they brought from home, in your network.
In the same vein, when your POS device is integrated into a broader network with internet access, as opposed to being a standalone device, it opens the door to increased virtual intrusion. This risk is particularly amplified when downloading content from the internet onto the same system.
EMV Adoption and Security Measures
At a recent gathering on payment security, Federal Reserve governor Jerome Powell said “‘at a minimum, banks, merchants, and other institutions that process or store sensitive financial information need to keep their hardware and software current to the latest industry standards,’ pointing to the adoption of chip-based EMV technology as a good example,” according to the ABA Banking Journal.
The Challenge of EMV Adoption
And as we’ve been (rather constantly) noting, that switchover to EMV comes right at summer’s end — this October. However, as Payments Source and other outlets note, “a new Javelin Strategy & Research report is projecting as many as 75% of all merchants will not make the deadline.”
The Need for Due Diligence
“The majority of small merchants are not only not ready for EMV,” the report continued, “they are not even aware of EMV.”
Take Action and Upgrade
“’There are entities that are waiting for merchants to self-educate,” the article continues. “‘It’s a cheap strategy.’ On a more positive incentive, some merchants—after they have missed the October deadline—may be persuaded to upgrade to EMV so they can get related goodies, such as newer systems will almost certainly also support NFC.”
Contact AVPS for Security and Payment Upgrades
Of course, you don’t have to wait for those goodies. Due diligence, as the Fed’s remarks just reminded us, can pay dividends right now. So contact your AVPS rep for any security or payment upgrades you need.
Spread the Word
That’s not you, of course, since you’re a regular reader of AVPS’ newsletter and blog. But you can pass the word along: Your fellow business owners (and even the Fed!) will thank you.
