Multiple businesses in Toronto's east end have reported severe losses due to POS scams, with some victims losing nearly $5,000. The Beach BIA suggests that vulnerabilities in POS systems allow thieves to exploit default passwords or swap terminals. Lori Van Soelen noted that up to seven business owners in the Beaches area have come forward after noticing unauthorized refunds. These incidents pose significant financial risks to independent business owners, emphasizing the need for enhanced security measures on POS systems.
The Beach BIA is warning business owners about the vulnerabilities of POS systems after reports of thefts where alleged thieves accessed terminals to refund themselves.
Up to seven business owners in the Beaches area have reported POS thefts, where thieves either guess passcodes or swap terminals to steal money.
The thefts have resulted in losses of thousands of dollars for businesses, and it's believed multiple people are behind these scams.
Lori Van Soelen highlighted the importance of changing default settings on POS terminals, as many businesses have fallen victim due to not securing their systems.
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