Imagine, you are in the middle of a heated battle and are almost ready to claim the victory over your virtual opponent when you see a note on the screen: “We are experiencing a DDoS attack which may result in disconnections for some players.” Now?
Vancouver, Canada – June 16, 2022 – INETCO Systems Limited, a leader in real-time payment monitoring and fraud prevention, announced today that RedAbierta, a leading fintech company with offices in Honduras, Nicaragua, Guatemala, and El Salvador, has selected INETCO BullzAI® to ensure the integrity of its payment channels.
2022 has brought in tighter cybersecurity restrictions and privacy regulations around the world. With the escalation of cyber threats due to the accelerated digital transformation and the Russian invasion of Ukraine, governments globally have made decisions to step up their cybersecurity defense and introduce new measures to protect businesses or national security.
Trusted vendor to financial institutions expanding fraud detection, cybersecurity and compliance platform to digital currencies space as FIs look to protect customer holdings
More and more, consumers globally are ditching cash and adopting digital payments. They expect a seamless customer experience and faster transactions. This can cause financial institutions and businesses to face new challenges in payment monitoring. According to a report from the U.S. Public Interest Research Group, in the last few years, consumer complaints about mobile payment apps and digital wallets have skyrocketed.
This blog is a part of our new series 5 Strategies for Building Resilience to Financial Crimes and Cyber Attacks in 2022. In the last few years, we have all observed an increase in the sophistication of cyber-enabled attacks and financial crimes. This coincided with intensified focus on digital banking by financial institutions and increased volumes of online transactions.
The Russian invasion of Ukraine has triggered an escalation in the number of state-sponsored actors targeting critical infrastructure with DDoS attacks. Criminal syndicates and smaller players are also exploiting the crisis. From fake fundraising efforts for Ukraine to account takeovers and high-velocity bot-driven attacks such as DDoS, BIN attacks, and terminal attacks, cybercriminals are stepping up their own attacks in an effort to benefit from the turmoil.
If a couple of years ago Distributed Denial of Service attacks (DDoS) were just a nuisance for businesses, today they constitute serious, costly cybercrime. Equally, if not more alarming, is the use of cybercriminals as surrogates in state-to-state political conflicts. The tools for launching these attacks are easily available online. They are so simple and cheap to use that even amateur citizen fraudsters and kids can commit a financial crime.
INETCO® Systems Limited, a global leader in real-time payment fraud prevention, is pleased to announce that TPS, a leading provider of cards and payment solutions, has joined the INETCO ecosystem as a reseller. TPS powers digital payments for various commercial and central banks, telecoms, processors and financial institutions across the Middle East, South Asia, Africa and Europe.
Over the past two years that we have lived with the pandemic, the world has changed dramatically. Those changes provided financial criminals with great opportunities to take advantage of many businesses when they were at their most vulnerable, trying to adjust to a new reality. Remote working environments, the ongoing digitization of services, COVID-19 restrictions – all have contributed to the development of new cyber threats and techniques.
