Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

On March 31st, 2024, The Payments Card Industry Standards Security Council (PCI SSC) officially retired version 3.2.1 of the PCI Data Security Standard (PCI DSS) with the publication of its new sets of protocols and security standards for v4.0. With the continued rise in cyber threats against financial services and institutions, PCI DSS v4.0 supersedes version 3.2.1 to tackle evolving threats and technologies, facilitating enhanced approaches to counteract emerging types of cyber attacks.

With cyber threats on online payment methods becoming more common in today's digital age, ensuring that payment systems are secure and sensitive information is not hijacked when making payments has become ever more critical. To ensure that you choose the right option when making payments online or physically, we have compiled a list of the top 6 most secure payment methods. These payment options prioritize security, offering robust features and protections to safeguard your financial data.

Identity theft and card fraud are the main concerns associated with using debit and credit cards. Like any financial instrument, credit and debit cards are susceptible to certain security threats that can compromise cardholders' information and lead to credit card fraud or debit card fraud. Common examples of such financial security threats include card theft, phishing, skimming, malware, card cloning, vishing, weak passwords/PINs, and social engineering.

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.

Over the years, PayPal has earned a reputation for being a secure and easy way to send and receive money. However, no payment system is entirely immune to scams, and cybercriminals often exploit these platforms due to their widespread popularity and trust among users. PayPal is the most widely used online payment system in the US, making it a compelling target for scammers looking to capitalize on its extensive user base.

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.

Since January 13th, 2024, our Threat Intelligence team has seen a steep rise in the number of fraudulent payment attacks using Venmo. By hacking existing or setting up new Venmo accounts, cybercriminals are using legitimate Venmo communications to trick users into approving fraudulent payments.