Credit and debit card skimmers have found news targets in the unsuspecting small business owners. Are you aware and are you prepared?
Smaller retail businesses and financial institutions are the focus of the increase in fraud schemes, according to Identity Theft Research Center's Linda Foley. Approximately 40 reported skimming or point-of-sale attacks have occurred in 23 U.S. states so far this year. Industry expert Branden Williams says that increase in skimming and POS fraud incidents is an indication that companies are making progress in fortifying their exterior defenses, while the trend toward smaller and smaller devices is an another indicator.
Mike Urban of FICO says the size of skimmers' targets has shrunk as larger organizations have been securing their environments. According to BankInfoSecurity.com, “The rollout of the EuroPay, MasterCard, Visa, and chip and PIN technologies is fueling the growth of skimming at both ATM and retail POS outlets in the United States, where payment cards still rely on magnetic stripes, which are easier to skim.”
Criminals are taking advantage of the small business owner who does not expect and is not prepared for skimming and point-of-sale attacks. PCI DSS has reduced fraud in some markets, but the system is only secure as each player in the system.
For more information go to BankInfoSecurity.com
Loretta Hunnicutt
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