Cybercriminals continue to evolve their tactics, developing more sophisticated ways to persistently target the global payments ecosystem. With the disruption of Joker’s Stash, Emotet, Netwalker, Egregor, TA505 and numerous other cybercrime underground operations, it’s essential that organizations prepare their cybersecurity postures for the inevitable introduction of new threat actors.
While the past year may have brought an overall reduction of the fraud rate for some channels – such as the card-present channel, likely due to restrictions put in place on brick-and-mortar merchants as a result of the COVID-19 pandemic – threats against payment systems remain. Paired with the holiday shopping surge and a new normal in which customers are far more comfortable making digital purchases, payment providers, fintech firms merchants and suppliers need to understand the threat landscape if they hope to maintain positive customer experiences.