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CYBERSECURITY NEWS IN ASIA

RECENT STORIES:

SEGA moves faster with flow-based network monitoring
Verkada Accelerates Expansion in APAC with New Singapore Office
All the cyber world is a stage…
Why cybercriminals time their attacks during certain periods of the ye...
Asia Pacific braces against phishing, ransomware surge and alert fatig...
Safeguarding tomorrow’s digital transactions from fraud
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     SAFEGUARDING TOMORROW'S DIGITAL TRANSACTIONS FROM FRAUD
     
     Tuesday, March 5, 2024, 10:31 AM Asia/Singapore | Features
   
   
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Features


SAFEGUARDING TOMORROW’S DIGITAL TRANSACTIONS FROM FRAUD

By Victor Ng | Tuesday, March 5, 2024, 10:31 AM Asia/Singapore




WHERE DIGITAL PAYMENTS ARE CONCERNED, WE NEED TO RECOGNIZE THE NEED FOR A
DELICATE BALANCE BETWEEN CUSTOMER EXPERIENCE AND SECURITY.

In the digital economy, where e-commerce and mobile payments are key pillars, it
is no surprise that recent research forecasts more than 50% surge in the Asia
Pacific payments market by 2026, reaching USD 22.97 trillion. 

Amid this digital payments boom, a shadow looms large – consumer fraud has risen
with 54% of all confirmed cases linked to authorized push payment (APP) fraud
attacks. As businesses eagerly embrace cutting-edge digital payment
technologies, any compromise between customer experience and security will
emerge as a critical concern.

Where digital payments are concerned, we need to recognize the need for a
delicate balance between customer experience and security.

How has fraud evolved in the fast-evolving payments landscape?

Warren Hayashi (WH): The payments ecosystem has broadened well beyond
traditional banks, with fintechs, neobanks and payment service providers (PSPs)
pushing a variety of payments innovation such as mobile wallets, QR codes, and
contactless payments. While these advancements have transformed the way
transactions occur, they have also created a playground for bad actors intent on
exploiting these technologies, leading to an increase in sophisticated fraud
tactics to defraud unsuspecting users.

Warren Hayashi, President, APAC, Adyen



Payments fraud has a huge impact on consumers and businesses, with global losses
reaching an estimated US$1.02 trillion (S$1.4 trillion) from 2022 to 2023, and
victims in Singapore experiencing the highest average losses most commonly to
mobile payment fraud and phishing scams. In the first half of 2023, more than
750 of such cases were reported with estimated loss amounting to more than S$10
million (US$7.4 million).

Payments fraud poses substantial risks, necessitating the implementation of
robust security measures to safeguard against digital payment fraud for both
users and businesses.

With 54% of all confirmed cases of consumer fraud linked to authorized push
payment (APP) fraud attacks, what can businesses do to address this concern?

At its core, APP fraud attacks are social engineering attacks on consumers. It
pushes individuals or businesses to make a payment to a fraudulent account
through the impersonation of a trusted entity such as a bank or service
provider. It’s important to note that no single risk management solution can be
a panacea. To effectively manage and mitigate the risk, businesses need to take
a multifaceted approach that involves technological solutions, educational
initiatives, and robust operational controls. 

Transacting online is all about trust and consistency. Consumers are often
unaware of such fraudulent tactics, which means that businesses can take it as
an opportunity to cultivate trust by alerting consumers on the risks of APP
fraud and ways to avoid falling prey. This could include providing information
on the common types of scams, ways to identify them and how to address the
issues should they ever be a victim.

At the same time, leveraging the right technology and building an effective risk
strategy, can help businesses prevent, detect and respond to APP and other types
of fraud. For instance, using secure payment methods that require two-factor
authentication when conducting transactions and adopting fraud prevention
measures and technologies such as transaction limits, phishing filters and
AI-enabled detection software can provide a better and safer customer experience
for all.

What other key steps should retailers and merchants take into consideration to
secure online payment gateways?


WH: There is no one-size-fits-all solution to risk management. Every business is
different and will have unique risks to deal with across the board. However, the
challenge for the majority is finding the right balance between risk management
and customer experience.

One effective step to take is payment tokenization, where sensitive payment
details, like credit card numbers, are replaced with a unique, non-sensitive
token. This allows transactions to be processed without transmitting or storing
the sensitive information. Beyond thwarting fraud attempts using stolen data, it
also helps business comply with various regulations and standards, such as the
Payment Card Industry Data Security Standard (PCI DSS) and the General Data
Protection Regulation (GDPR).

Consumers also experience less friction in their shopping journey with payment
tokenization. The technology enables merchants to securely save payment data
with non-sensitive tokens, which allows  consumers to make future purchases
without re-entering their payment details. In addition to enhancing the overall
customer experience, this streamlined process significantly increases conversion
rates at checkout – and hence business revenue.

Beyond taking measures to secure their online payment gateways, businesses are
also encouraged to adopt holistic fraud detection solutions. At Adyen, we work
with customers to implement solutions such as RevenueProtect, a built-in risk
management solution that utilizes robust machine learning models to detect
fraud, reduce false positives and operational burden in combination with
simplified rule creations to have control of decisioning for business rules and
policy.

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