Data security risks are increasing and not limited to credit card fraud. Thieves are targeting Human Resources and Loyalty programs to extract greater amounts of data; from names, addresses and phone numbers to social security numbers, health records and investment information. In some cases, this information is then ransomed back to the companies themselves- at exorbitant amounts and often without reciprocation.
Running outdated software or end-of-life hardware can be the first entry for malware and data theft. Without current security updates and encryption for the latest in virus combat, payment and store systems are vulnerable to outside intrusion and data breach. Additionally, in a multi-store environment, outside hardware and software applications can be added without corporate knowledge- bringing greater opportunity for security compromises. Companies need regular software and peripheral reporting to keep current on all updates and determine new security needs in real time- avoiding costly fraud activity and liability from non-compliance with regulatory agencies.
Typically, small organizations lack anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud, the study found. Because they have fewer resources, the losses they experience have a greater impact than they would in larger organizations.
Thankfully, there are ways that retailers can fight fraud and prepare for payment and data security risks. Simple steps such as installing address verification on POS systems and payment terminals, training employees on phishing scams and how to spot problems before they arise, using tamper evident decals and tracking apps, and continuing to implement EMV can all reduce your risk as a retailer and protect your customers and your reputation.
Employees are often the first ones to detect fraud. Organizations that have anti-fraud training programs experience less-costly losses, quicker resolutions of fraud cases, and an enhanced reputation for customer protection, according to the Association of Certified Fraud Examiners (ACFE).
Industry partnerships and conferences on the continued development and pending deadlines for EMV, anti-skimming and fraud prevention through the Affiniti Sentry suite, and emerging payment channels such as Mobile Pay allow Pinnacle to meet the needs of retailers now and in the future. A focus on staffing efficiency and labor-saving technology informs how we continue to enhance our Palm POS, making it the most user-friendly point of sale on the market.
Pinnacle's continued relationship with NACS and other vital industry organizations not only molds our software strategies in the near future, but cements the collaborative perspective we have with regards to partner and client participation in enhancing our technology solutions.