Regardless of the size of a business, card fraud incidents are inevitably an issue faced by businesses these days. A new fraud scheme, commonly known as "micro attacks", is a term used by Gartner analyst Avivah Litan, to describe the new scheme characterized by localized fraud incidents that are relatively small in nature, eluding detection and giving the fraudsters more time to drain accounts.
The issue was discussed by Bank Information Security, which looked into a recent card fraud incident involving a small restaurant in Kentucky and the local banks. Small companies become victims of micro attacks mainly because their POS system is easily infiltrated. To insulate against micro attacks, especially towards their POS devices, small businesses need to understand the importance of upgrading their POS systems.
As the saying goes, "it takes two hands to clap". While businesses have a responsibility towards ensuring that their systems are safe, Litan suggested "getting customers involved to make a difference". "â€¦Institutions really should do with mobile alerts." With geo-location, businesses can track the authenticity of transactions by correlating card transactions with cardholders' mobile location.
Information security is an important interest area in many industries today, especially when businesses become reliant on technology to conduct business transactions. To prevent your business from becoming victims of credit card thefts, do join us at the Information Security World Asia 2013, to find out more!
About Information Security World Asia 2013: Having been known as Digital ID World Asia for the past 2 years, the event will be rebranded as Information Security World Asia in 2013 to address a wider scope of issues in Information Security.