Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

With Latin America facing an unprecedented increase in claims for unrecognized credit and debit card transactions, banks and card issuers are directly feeling the impact of fraud and cyber-attacks that are growing more sophisticated by the day. Recent regulations have been implemented across Latin America to address a variety of payment fraud, including an unprecedented surge in claims of unrecognized transactions involving debit, credit and financing products.

The growing inter-connectedness of digital systems, combined with the alarming ingenuity of financial criminals, has led to a convergence between payment fraud, cybercrime, and AML. As financial transactions increasingly occur online and real-time payments have expanded to over seventy countries, cybercriminals are exploiting these trends by developing sophisticated schemes to target vulnerabilities in digital payment systems.

2023 repeated some familiar payment fraud trends from 2022.There were some shifts in the prevalence of different fraud types, according to data from Verifi. The persistence of phishing remains at the forefront, posing significant challenges for businesses and consumers. Notably, friendly fraud became the second most prevalent fraud seen in 2023.

For some, Black Friday conjures images of parasite-infected shoppers running amok in a mall. (Rotten Tomatoes gives the movie a 65% rating). For bargain hunters, it is a whirlwind of unbeatable deals and frenzied shopping sprees. Thanksgiving Day, Black Friday and Cyber Monday are the year’s biggest days for American merchants. The hype has crossed borders.

In the rapidly evolving digital landscape, artificial intelligence is a two-sided coin. Fraud protection software, like INETCO BullzAI, harnesses artificial intelligence (AI) technologies to offer fraud protection against financial criminals and cyber attackers. Conversely, fraudsters can weaponize the same technology to steal funds. A prominent example of this connection is synthetic identity fraud. This payment fraud vector often employs AI and deepfakes.

Each year, the BC Tech Association celebrates the remarkable achievements of the British Columbia technology community through the Technology Impact Awards (TIA). The Gamechanger – Ambition Award, is a testament to a company’s drive to address significant challenges, lead with conviction, and leverage technology to shape a better future.

In the critically acclaimed, Oscar-winning 2019 film Parasite, a family’s cunning scheme to infiltrate a wealthy family’s home is a vivid metaphor for the stealthy and calculated maneuvers of advanced persistent threats (APTs) in the digital realm.

In bustling metropolises and rural communities alike, changes in the world of payments are forcing businesses to move at the speed of light. Whether you operate your business from a towering skyscraper or a busy village market, you must deal with dynamic evolutions in digital payments. From instant payments to super apps to embedded finance, businesses are embracing new ways to separate consumers from their money safely.