Secret Service Raises Warning About Backoff POS Malware

The Secret Service, which investigates financial crimes, issued a security Alert on July 31, 2014, warning of malware named “Backoff” that was being used to steal payment card data from point-of-sale (POS) systems. The Alert notes that the attackers often gain initial network access by stealing or brute-forcing the passwords for remote desktop applications (e.g., … Continue Reading

FBI Issues Cyber Attack Warning to Retailers: Is Chip and PIN the Answer?

By Eric A. Packel on February 1, 2014 Posted in Payment Card Industry

The FBI’s Warning: Point-of-sale (POS) systems are under attack. In the wake of breaches at Neiman Marcus, Target and other stores over the 2013 holiday season, the FBI is now warning retailers to expect similar cyber attacks in the coming months. The warning came in the form of a 3 page report distributed to numerous … Continue Reading

2012 Payments Systems Year-in-Review

By Craig A. Hoffman on December 27, 2012 Posted in Payment Card Industry

The interchange fee and the potential of mobile payments were the dominant payment system issues in 2012. From a landmark antitrust settlement to seemingly daily announcements of a new prepaid or mobile payment product, there was plenty of activity in 2012. However, following opt-outs and objections to the settlement, the rise-and-fall of new products, and … Continue Reading