Software as a service is on the rise, there’s no doubt about that. This model, in which people purchase software, security, or operating system access from cloud-based provider, using these packages through a Web-based interface rather than downloading the package to a local PC, is becoming increasingly popular among service providers as well as among end-users. Even Microsoft offers a Web-based version of its industry standard Office software, and virtual terminal payments are becoming an increasingly popular option as compared to traditional credit card readers.
It seems, however, that whenever any sort of service becomes popular, it also becomes a target for unscrupulous programmers, or hackers. The always-assumed bulletproof Mac OS has in the past few years seen more and more instances of malware and virus attacks as it gained traction in the market and became a more popular option for home users.
The same holds true for credit cards, and this is one reason why virtual terminal payments are gaining traction..
You see, now we have to deal with cybercrime as a service. The waves of card breaches last year which began at Target were the direct result of cybercrime as a service. The code for the malware was available and sold online at dark web sites, as were the millions of card numbers stolen. One could, in effect, pay another hacker to use the malware to use the software and obtain card numbers for you. This is the very definition of cybercrime as a service.
The software, purchased online, could also be easily modified for the buyer’s own purpose. The service was so efficient with an untrackable virtual currency and a ready-made, efficient black market already in place, that legitimate businesses could almost take a lesson from the model, if not the implementation. If nothing else, the means by which these attacks have been made, the marketplace in which they are germinated, is wildly efficient.
Many retailers have considered, in the face of these attacks, a switch to virtual terminal payments in lieu of credit cards. Traditionally, virtual terminals can offer more security than physical terminals, as well as combining inventory tracking and purchasing trends with card processing. With mobile malware also on the rise, this may not be an ideal solution, but then, in an era where cybercrime is rampant, there may not be a true ideal.