In the News
Accessible payment methods may not be as safe as many people believe. In Square, PayPal POS Hardware Open to Multiple Attack Vectors, Tara Seals at Threat Post discusses a recent study that identified major security flaws in Point-of-Sale (PoS) terminals. Seals explains that the study analyzed SumUp, iZettle, PayPal and Square, and found that multiple vendors contained vulnerabilities allowing attackers to force multiple payments by sending a ‘payment declined’ message as well as charge users more money than what is shown on the PoS terminal they are using.
Our Take
Financial security is often a universal top priority. Despite being such a high priority, many individuals fall prey to the ease and convenience of payment and shopping options that can lead to financial exposure or identity theft. The ability to shop locally and more accessible with PoS terminals is not a negative per se, but one should take additional security-related precautions when utilizing such payment options. Simple actions such as checking your financial statements more frequently can lead to catching a criminal transaction before it becomes highly damaging to your finances. Additionally, by being more aware of your payment experience and noticing if you encounter a ‘payment declined’ scenarios or a similar message may improve your ability to recognize potential criminal activity.
Recommendations
How can you protect your personal finances when using PoS terminals?
- Understand the risks of putting your personal information into the world, and only share what you have to
- Check your email, financial accounts, and credit reports regularly for abnormal activities
- Be fully present when making purchases both in-person and online. Be proactive in making sure your payment is made correctly
- Stay up to date on the news covering recent scams and breaches to see if you may have been affected