Payment transactions happen constantly in the United States using various methods. Because of products and software implemented by services like Pay Partners, consumers every day swipe cards, hold up cell phones and smart watches, complete forms and press buttons online, share information over the phone and more. The one thing that must remain the same is protection of citizens’ private information. Without adequate security, identities and financial portfolios are at risk. This past December 10th, 2019, Wawa discovered malware in their payment processing systems, placing hundreds of customers at risk for financial losses.
Malware is a piece of software with intentions to steal information or hack electronics. When malware penetrates software that processes payments, such as a card reader, the bank and card information can be compromised and stolen. As a result, you could notice unknown charges racking up on your accounts. Apart from the loss of money, having to rid accounts of fraud and theft and create new accounts can be time consuming and stressful. Wawa shares that the malware may have compromised card numbers, names, expiration dates and other information when consumers swiped cards inside the store or at the gasoline pumps. The store does not believe that pin numbers were stolen, or any information involved in an ATM transaction. Wawa is an incredibly popular convenience, food and gas location that calls many states home, so the breach could have affected thousands of people.
Some individuals are wondering how this could happen to such a well-known and large chain of stores. The essential focus when operating payment processing systems, like those produced by Pay Partners, is on consumer and store privacy and security. There are various regulations in place by the PCI that hold retailers to high standards when maintaining secure networks. Payment processing installed and supported by Pay Partners follows the PCI Security Standards and places the most emphasis on protecting from malware and other viruses. Products like card readers and processors should feature encryption, the use of card chips and pin numbers, network monitoring and more. There should be software in place to monitor, prevent and combat malware before it is capable of accessing identities and financial information. Cyber attacks are becoming increasingly prevalent with the rise in technology, and it is especially important for a business to keep security in mind when implementing new payment processing tools.