Last Friday, a huge ransomware attack began in Europe, Japan, China and is still lingering. The WannaCry software has locked thousands of computers in more than 150 countries. Users are confronted with a screen demanding payment in order to restore their files.
Ransomware is a very fast growing and threatening type of malware attack. Everyone is a target, no matter how large or small your company is. Large companies like Target, T.J. Maxx, and Home Depot, have been attacked and had their customer data compromised. But what about smaller businesses? 1 in 5 small businesses hit by a ransomware attack are forced to close their doors. They just aren’t able to afford the payment demands and have lost years of company data.
Luckily, Friday’s the attack was thwarted before it could hit every state in the U.S., but it’s not over. The attackers will realize how they were stopped, they’ll change the code, and start again. Your POS software and firewall updates are urgent right now. Your POS solutions provider can make these updates. There are solutions available to help you safeguard your POS system and your biusiness. The cost to protect yourself from a threat can be far lower than the cost in time & money of losing your data, and not being able to serve your customers or potentially having to rebuild your IT infrastructure. Download our “7 Tips to Defeat Ransomware” for additional information. Just one tip could save your business.
All merchant POS (Point of Sale) terminals, credit card processing systems, webpage checkout software, and anywhere a Mastercard card number is accepted or housed, must be 2-series ready by June 2017.
What does this mean?
Bank Identification Numbers (BINs) are the first six-digits of a credit card number, and are fundamental to payments. They identify the issuing institution for the account and ensure that each transaction is routed correctly.
Mastercard® has received an additional range of 2-series numbers to add to the 5-series that are currently used. The 2-series BINs operate in the same way as the 5-series numbers and Mastercard has made changes to their systems to accommodate the new numbers. Banks began issuing 2-series BINs in early 2017.
Merchants should work with their service provider to evaluate their systems to determine whether updates are needed to accept 2-series BIN payments.
Potential implications for merchants
- POS terminals and/or cash register updates
- Educating your employees
- Reporting, processing, and reconciliation
- E-commerce/online checkout
Essential customers, please contact us for support. If you’re not an Essential customer, please feel free to contact us for any questions about the new Mastercard 2-series BINs.