Payment fraud was at an all-time high in 2022, as hackers and scammers took advantage of increasingly sophisticated techniques to access and exploit payment networks. Let’s look at some of the lessons to be learned from the global payment fraud trends of 2022.
It’s that time of year again – the holidays are here, and everywhere you turn, you see the hustle and bustle of consumers eagerly (or desperately) searching for the perfect gifts to put under the tree. Unfortunately, the holiday season isn’t just for shoppers; it’s also prime time for financial fraudsters looking to conduct holiday season fraud. According to a 2020 survey by Experian, one in every four U.S. consumers reported they fell for a fraud scheme during the holidays.
Over the last few years, rapid digital payment adoption and technology development have played an essential role in making international money transfers cheaper, faster, and easier than they were decades ago. The volume of cross-border transactions is now expected to grow to $39.9 trillion by 2026, as these payments are essential in the interconnected economy.
While Distributed Denial of Service (DDoS) attacks have been around for over a decade, they still continue to evolve and escalate, particularly during 2022. The tense geopolitical situation caused by the Russian invasion of Ukraine has affected the nature and intensity of these types of attacks, making states official participants in the DDoS mitigation market.
In April 2022, a medical billing company based in New York became the victim of a serious ransomware attack. Bad actors stole personal and financial data of patients from 26 healthcare institutions who were the company’s clients. The billing company had to notify almost 1 million individuals that their data had been stolen. Over the last few years, organizations and fintechs that process payments for healthcare providers have become a hot target for cyber attacks.
September 05, 2022. INETCO® Systems Limited, a global leader in real-time payment fraud prevention and cybersecurity software, is pleased to welcome Agility, a leading provider of managed cybersecurity solutions in Brazil, to INETCO’s reseller ecosystem.
Imagine you are chilling over coffee with your co-workers in a break room. The deadline for the launch of your newest product is imminent and you are discussing last-minute design modifications. Digital images of the product float by as your AI assistant suggests the best potential design modifications. Together, you and your team choose the final product design and are ready for the next step in the launch. Virtual high fives ensue.
Over the last two years, we’ve observed how digital assets have revolutionized payment and banking services. The explosion of interest in digital currencies brings with it new challenges in governance, privacy, competition, cybersecurity, and social inclusion. While a cashless future is still far away, more than 80% of central banks are either considering the launch of a central bank digital currency (CBDC) or have already done so.
2023 might be a really important year for real-time payments (RTP) development in North America. FedNow, a real-time payments service, is on track to go operational in 2023 in the USA, while the Real-Time Rail (RTR) payment system will be fully launched in Canada, also in 2023. Currently, in their test phases, these payment systems will go mainstream next year, making faster payments more accessible to smaller financial institutions and businesses.
When the American heist comedy Ocean’s Eleven was released on Friday, December 7, 2001, it topped the box-office draw for that weekend. The story follows two friends who plan to steal $160 million from three major casinos in Las Vegas. Entertainment Weekly called it “the most winning robbery sequence of the decade”.
