Common POS Vulnerabilities & Top Security Features You Need
Every year, businesses across the country incur major financial losses from employee theft and data breaches. All too often, these incidents occur due to lapses in enterprise POS security. Indeed, POS security vulnerabilities can expose your business to huge losses, allowing employees, managers, hackers, and others to steal from you practically at will. It is crucial to ask yourself how secure is your point of sale system? Read on to find out how Elite POS can help.
Employee Theft Statistics Highlight Need for POS Audits and POS Security
Even if you are diligent about conducting background checks on prospective employees, you stand to lose a lot to employees as a business owner – and that’s especially true if point of sale security vulnerabilities isn’t effectively addressed. According to Jack L. Hayes International’s Annual Retail Theft Survey for 2018, 28,145 employees were apprehended for theft during that single year alone. Businesses recovered more than $38 million from such cases – up 13.5 percent from 2017 – and one out of every 40 employees was apprehended for theft during that time.
Data Breach Statistics Expose POS Security Vulnerabilities
Ineffective POS systems security can also expose your business to data breaches that cause major financial losses as well as serious reputation issues. In 2019 alone, at least 7.9 billion records, including credit card numbers and other sensitive information, were exposed through data breaches. In December, for example, the Wawa convenience store chain’s POS systems were compromised, exposing the payment information of potentially thousands of customers. In May of that year, hackers installed malware on POS systems at hundreds of Checkers Restaurant locations, exposing payment information and other sensitive data.
How Secure is Your Point of Sale System?
Given the alarming information above, it is easy to see that no business is immune to POS system vulnerabilities. Therefore, it is imperative to make POS security a top priority – and that probably means upgrading to a newer system with better security features. Elite POS has you covered in that regard.
Top Elite POS Security Features
Elite POS systems are designed to protect data from modern threats, including hackers and dishonest employees and managers. They boast multiple layers of security that keep you and your money safe, including POS audit reports.
Here’s a breakdown of the key security features that you will enjoy with an Elite POS system:
Elite POS systems can be configured to send immediate text or email alerts under specific circumstances. For instance, if a cashier performs a specific series of keystrokes, managers may be alerted by the system.
POS Audit Logs
Our point-of-sale systems make it easy to pinpoint where breaches or thefts occurred through POS audit logs. These logs leave an electronic audit trail that provides additional safeguards for businesses like yours.
Compulsory Drawer Closing
A common source of loss for retail businesses occurs when employees slip money out of cash drawers. Elite POS systems ward this off through compulsory drawer closing parameters. For a transaction to start, the system requires for the drawer to be closed. This drastically reduces the risk of employee theft.
Another vulnerability that outdated POS systems may allow occurs when cashiers are able to run sales reports displaying what should be in their drawers before counting them down. Because they know how much is expected to be in their drawers, they can turn in that amount. Elite POS systems can be configured to require cashiers to count their drawers and enter amounts without knowing how much should be in them. These “blind drops” can be set up to require manager overrides if drawers are off by more than a specified amount, allowing you to reduce the risk of one of the most common POS security vulnerabilities out there.
Security Camera Integration
Elite point-of-sale systems can also be integrated with most today’s most popular security camera systems. Transaction details are overlaid across the top of each video feed, allowing managers and business owners to find the precise footage that captures the moment when a certain transaction occurred. For example, you can use this feature to check the feed whenever an employee discount is used to confirm that an actual employee was given the discount instead of an unauthorized individual.