Last year, Visa announced that cybercriminals are employing new tactics to steal credit card information from gas stations. Hackers are using different ways to make their way into computer systems, ranging from sending emails with a malicious link to gain control over the network to using skimmers to harvest credit card information.
It’s alarming news for gas station businesses. Fuel pumps are now high-profile targets for cybercriminals intent on intercepting sensitive consumer details to carry our fraudulent transactions. In addition to data theft, a cyberattack on gas station systems can result in severe consequences in the form of breach of privacy and more.
Cyber attackers are now deploying POS malware onto back-office systems in gas stations, which has become a prevalent threat for their day-to-day operations. Let’s find out more.
POS Malware: The Prevalent Threat for Gas Station Owners
The transactions carried out at gas stations are regulated by the Payment Card Industry Data Security Standard (PCI DSS) to ensure maximum security. All magnetic credit card data which has confidential consumer information is encrypted if stored to prevent its misuse in case of a cyber-attack or a security breach.
However, the data stored in the back office is often left unencrypted, which—if hacked—can be used to perform fraudulent transactions. Information from chip-and-pin credit cards is relatively safe due to default encryption, but the data from magnetic stripe cards is highly vulnerable because it does not have its encryption.
EMV is the solution
Cards with EMV chips have been around for many years now, but most gas stations still use old technology. Integrating EMV-compliant technology is expensive and requires trained technicians, which is the primary reason most gas stations haven’t switched yet. However, the deadline to become compliant is getting closer.
READ: Report: ‘Tens of Thousands of Dollars’ in Monthly Losses Expected for Retailers without Outdoor EMV
The new deadline to comply with EMV requirements is April 2021. After that, the liability for fraudulent transactions will shift to merchants, which means it’s important for gas station owners to take action. Partner with an experienced and reputable fuel station equipment provide to meet EMV-compliance and protect your gas station.
ALSO READ: EMV DEADLINE DELAYED Until April 2021! But Retailers Advised To Stay On Schedule
John W. Kennedy Company has been serving the petroleum industry for decades. We’re a reputed service station equipment provider that offers a wide range of high-quality petroleum equipment and supplies, including EMV POS terminals, and more. Visit our online store to browse our products.
CHECK OUT: “Think Beyond the Deadline”: 5 Tips for Retailers Navigating the New EMV Deadline