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Complete Story
12/19/2019
Global online fraud: Balancing compliance, security and convenience
Digital Commerce 360
The number of cybersecurity threats is growing in line with the development of digital businesses and cashless payments. Europol in its recent report (IOCTA 2019, Internet Organised Crime Threat Assessment) states that “data remains a key target, commodity and enabler for cybercrime”. Fraudulent activities and malware are becoming more technologically sophisticated, while a growing number of bad-faith activities involves social-based schemes.
Most criminal actions in the past year were performed through viruses, phishing and social engineering methods in order to gain financial assets and personal payment information, according to top-20 Russian banks. Noticeably, since 2015 fraudulent transactions in mobile applications have grown by 600%, in part because more consumers now prefer to use mobile applications for online banking rather than the traditional web channel.
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