Vancouver, Canada – September 14th, 2021 – INETCO Systems Limited, a leader in real-time payment fraud prevention, is pleased to announce the launch of INETCO BullzAI, which combines a web application firewall with a real-time payment fraud detection and blocking system in one elegant solution.
A long time ago (in the early 2000s), I was playing games online. One of my accounts was compromised – the password was changed, and multiple “high-priced” items I had earned were “traded” without my knowledge, to the account of another player. One could easily blame my simple password at that time when there were no rules around password strength. Regardless of the reason, what happened was one of the earliest versions of an account takeover (ATO) attack.
Every year, 2%-5% of the global GDP, or US$800 billion-US$2 trillion is being laundered across the globe. That’s almost equivalent to the GDP of Canada (1,643.40 billion USD in 2020) or Italy ($1,886.45 USD in 2020). Neither the record-breaking heat, nor the intense floods experienced around the world this summer seem to have stopped financial criminals from inventing new ways to hide illegal sources of their income.
Imagine, it’s a Saturday morning and you receive a call from a bank: – Hello? – Hi [insert your name], we suspect that a fraudster is trying to use your card at a grocery store in Texas. – Well, I am at a grocery store in Texas! – Oh my gosh! Do you see him? If only credit card fraud was funny.
In June, our team participated in The 2021 Payments Canada Summit, Canada’s premier payments conference. One of the main topics raised at The SUMMIT was the future of payments: why real-time payments (RTP) will be a game-changer for Canadians and the financial industry. The trend towards instant and faster payments is a global one. While Real-time Rail (RTR) is expected to go live in Canada in 2022, other regions have been using RTP for several years.
You just started reading this blog post. But are you reading it alone? Or is there a “man in the middle” watching and recording everything you do online? While it may sound like a plot from a Hollywood blockbuster, the reality is far from amusing. A man-in-the-middle (MitM) attack can quickly occur when an unsuspecting victim joins the same public Wi-Fi network as a malicious attacker, for example, at a cafe.
A couple of weeks ago The Payments Canada SUMMIT gathered more than 2,000 delegates from financial institutions in Canada and around the world for a virtual one-week conference. INETCO was a sponsor of Canada’s premier payments event. Our team participated in industry discussions, met peers, and learned more about future innovation opportunities in the financial ecosystem. 2021 was a record-breaking year for The Payments Canada SUMMIT.
Do you remember a time when you were amped up to buy that new pair of shoes, or any special item online – only to have your credit card or other payment information (which you know is real), declined? All of that time spent browsing, selecting, getting off of your couch to find your credit card, entering payment information wasted? You are not alone!
Hallowe’en is still months away, but Frankenstein is out trick-or-treating even as you read this, and the operative word here is “trick”. Payment fraud criminals continue playing their games with financial institutions’ (FIs) customers and online merchants.
