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Theft

POS Device Thefts on the Rise in GTA, Leaving Small Business Owners Vulnerable

Strategic Insights

— 1 min read

A wave of POS device thefts has been reported in the Greater Toronto Area (GTA), with several businesses, including NaNa Florist, Souvlaki Hut, and Total Tire, falling victim to the crime. The thieves have been using the stolen devices to issue refunds, often totaling thousands of dollars, directly into their own bank accounts. The victims, who have reported losses ranging from $2,000 to $4,900, are left wondering how their passcodes were compromised and why their POS system providers seemed unaware of the vulnerabilities.

Key Takeaways:

  • At least three businesses in the GTA have been targeted in similar POS device thefts, with losses totaling over $10,000
  • The thieves have been using the stolen devices to issue refunds, often totaling thousands of dollars, directly into their own bank accounts
  • The victims have reported that their POS system providers seemed unaware of the vulnerabilities in their systems
  • The companies targeted have since taken steps to reconfigure their POS systems, including lowering the maximum refund amount and setting up two-factor authorization for refunds
  • Toronto police confirmed that they are aware of the theft at NaNa Florist and that an investigation is ongoing
  • The Durham Regional Police Service is investigating the June 23 theft of a POS terminal from Total Tire in Pickering

Statistics:

  • Over $10,000 has been stolen from the three businesses targeted in the POS device thefts
  • The thieves have been using the stolen devices to issue refunds, often totaling thousands of dollars, directly into their own bank accounts
  • The victims have reported that their POS system providers seemed unaware of the vulnerabilities in their systems
  • The companies targeted have since taken steps to reconfigure their POS systems, including lowering the maximum refund amount and setting up two-factor authorization for refunds

Sources:

  • Toronto Star (no date mentioned), "POS device thefts on the rise in GTA, leaving small business owners vulnerable"
  • NaNa Florist (no date mentioned)
  • Souvlaki Hut (no date mentioned)
  • Total Tire (no date mentioned)
  • Clover (no date mentioned)
  • Moneris (no date mentioned)
  • Toronto Police Service (no date mentioned)
  • Durham Regional Police Service (no date mentioned)

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