POS Attacks May Be Declining (But…); Consumers Turning to Prepaid?
The realm of internet and data security is in need of some good news these days. In a recent article from CRN, there might be a glimmer of positivity as the headline reads, “Despite Prominent Retail Breaches, POS System Attacks Decline for Prepaid Cards.”
A Closer Look at the Situation
The article highlights insights from the 2014 Verizon Data Breach Investigations Report, which examined over 1,300 confirmed data breaches and numerous security incidents. Christopher Porter, a managing principal at Verizon, emphasizes that attackers are exploiting vulnerabilities in web applications to steal credit card data used by online merchants.
The Vulnerabilities Exploited
The security landscape reveals some alarming vulnerabilities. Outdated antivirus software, lack of protection, and poorly implemented remote access software are among the issues discovered. Some Point of Sale (POS) systems had employees using them for non-work activities like web browsing and gaming, increasing the risk of an attack.
The Importance of Basics
Enhancing cybersecurity might lie in the basics—keeping software up-to-date and maintaining strong passwords. Automating tools can easily carry out brute force attacks on systems with weak or default passwords, granting cybercriminals unrestricted access.
A Shift in Consumer Strategies
On the consumer front, there’s a growing interest in Prepaid Cards as a potential solution. These cards offer unique benefits, such as compartmentalizing spending into budget-specific “purses.” Such features, combined with real-time account alerts, encourage effective budgeting and make prepaid cards appealing. Furthermore, prepaid cards offer an added layer of protection against data breaches by limiting the exposure of customers’ core bank account information. The Pymnts.com website has a piece asking whether Prepaid Cards Are “the future of personal financial management.”
The Path Ahead
Considering the evolving payment landscape, businesses might find value in offering prepaid card options to customers. This move not only aligns with consumer preferences for security and budgeting but also shields sensitive information in an increasingly connected world. AVPS is here to guide businesses through these dynamics, serving as a reliable partner in navigating the future of payments.
Feel free to reach out to AVPS to explore the potential of prepaid cards and other security-enhancing strategies. Consider us your trusted companion on the journey through the ever-changing payment landscape!