Visa Inc., the global leader in digital payments, on Saturday shared an updated look at the evolution of fraud since the height 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.
These attacks highlight the need for tight security controls on merchant websites and payment pages, ensuring that external code is not activated in sensitive cardholder environments.. In fact, 42% of respondents in the MIT Technology Review Insights report Moving Money in a Digital World | MIT Technology Review say security measures are important to their customers, with 59% acknowledging that cybersecurity threats are the biggest challenge to expanding digital payments. Many prioritize advanced security capabilities such as digital tokens (32%), artificial intelligence and enhanced authorization (43%).
Beyond traditional currency attacks, threat actors are employing new tactics to scam 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 to February 2022, three major thefts exploiting vulnerabilities in various bridge services netted cyberthieves over $400 million.
Protection is Visa’s promise
As cybercrime persists, Visa has stepped up its efforts to mitigate fraud. Over the past five years, Visa has invested more than $9 billion in network security. Visa employs more than a thousand specialists dedicated to protecting Visa’s network against malware, zero-day attacks and insider threats 24x7x365. Visa is also deploying AI-enabled capabilities and always-on experts to protect its ecosystem, proactively detecting and preventing billions of dollars in fraud attempts. In fact, Visa’s real-time monitoring with AI has blocked more than $4.2 billion in fraudulent payment volume over the past 12 months, preventing many people from knowing they were at risk of a potential fraudulent transaction. .