The good news is that today’s payment landscape is becoming faster, easier, and more digital.
The bad news is that fraudsters and cybercriminals are increasingly keeping pace, innovating upon established methodologies to improve the effectiveness of their methods as well as developing new attack tactics.
Michael Jabbara, global head of fraud services at Visa, tells PYMNTS that while the “core components” of the payment ecosystem are relatively constant across both physical and digital channels (think: money movement infrastructure that enables an exchange between buyers and sellers), the methods bad actors are using to target and attack these key components are constantly evolving as consumer behavior changes and new technologies and players are brought to market.