New Visa Reports Underscore Importance of Cybersecurity Amid Shifting Threats
Whether in-person or online, cybercriminals target payments touchpoints with sophisticated fraud techniques
“As in-person commerce returns to pre-pandemic levels, crooks are back to exploiting the physical points of vulnerability in stores, while continuing to capitalize on e-commerce through malware, ransomware and phishing attacks, among others,” said
Two new pieces of research – the latest Visa Biannual Threats Report and an MIT Technology Review Insights study “Moving Money in a
While fraud early on during the COVID-19 pandemic was concentrated on online scams, in-person attacks are now trending higher as criminals widen their scope to once again capture physical targets. The past year experienced an increase in card-present threats such as physical skimming on ATM and point-of-sale terminals – a trend that will likely persist. For instance, from June –
Digital commerce, crypto users are rich targets for innovative fraudsters
Still, the digital commerce environment – vastly accelerated by the pandemic – remains the richest target for cybercriminals.
Nearly three-fourths of fraud and data breach cases investigated by Visa’s Global Risk team involved e-commerce merchants – often social engineering and ransomware attacks. Digital skimming attacks targeting e-commerce platforms and third-party code integrations are common.
These attacks shine a light on the need for stringent security controls on merchant websites and checkout pages, ensuring external code is not enabled in sensitive cardholder environments. In fact, 42% of respondents in the MIT Technology Review Insights report say security measures are important for their customers, with 59% acknowledging that cybersecurity threats are the biggest challenge to expanding digital payments. Many are prioritizing advanced security capabilities like digital tokens (32%), artificial intelligence and enhanced authorization (43%).
Beyond attacks on traditional currency, threat actors are employing new tactics to defraud cryptocurrency users, including new malware focused on browser extension wallets for crypto users as well as innovation in phishing and social engineering schemes. Crypto bridge services are also a target. From January through
Protection Is Visa’s promise
While cybercrime persists,
To read more of the Payment Fraud Disruption report, visit Biannual Threats Report (visa.com). To read the full MIT Technology Review Insights Moving Money in a
1 Visa Global Risk Investigations, June -
2 Visa Biannual Payment Fraud Disruption Report