KARACHI: Visa Inc, the global leader in digital payments, has shared an updated look at the evolution of fraud since the peak of the pandemic, with criminals simultaneously targeting online and offline vulnerabilities as our daily lives return to a mix of in-person and e-commerce experiences.
“As in-person commerce returns to pre-pandemic levels, scammers are beginning to exploit physical vulnerabilities in stores again, while continuing to capitalize on e-commerce through malware, ransomware and malware attacks. phishing and more,” said Neil Fernandes, risk manager in the NALP and GCC regions at Visa.
Two new global pieces of research – Visa’s latest biannual threat report and an MIT Technology Review Insights study “Moving Money in a Digital World,” released Oct. 6 in partnership with Visa – highlight new and recurring threats to the post-pandemic economy.
Digital commerce, crypto users are rich targets for innovative scammers. Yet the digital commerce environment – significantly accelerated by the pandemic – remains the richest target for cybercriminals.
Nearly three-quarters 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.
Copyright Business Recorder, 2022