“Fraud is like running water – it flows towards open crevices and needs to be controlled.”
The quote above aptly sums up the state of cyber fraud today. With the emergence of mobile devices in the payments ecosystem and the convergence of physical and digital worlds, today’s fraudsters are constantly looking for ways to exploit new technologies.
As such, with the continual evolution of the global payment landscape, more attention has been given to the discussion of cybersecurity. The pertinence of these issues also makes it imperative for them to be correctly addressed and managed, so that the continued efficiency, reliability and credibility of the payments industry are ensured.
In view of these trends, industry experts and law enforcement officials came together at the MasterCard Global Risk Management Conference Series held recently in Kuala Lumpur, Malaysia. The conference shed light on several payment security issues, vulnerabilities and innovative fraud mitigating techniques.
The experts and officials also shared some of the latest tools and techniques targeted at minimizing fraud risk and maximizing profitability. This came in the wake of recent data breach events and evolving cyber security threats around the world.
Panel discussions covered a range of topics including cybersecurity, data privacy and the regulatory landscape; ATM EMV migration, mPOS payments; micropayments fraud, financial inclusion; encryption, tokenization and other cutting-edge technologies.
In particular, a forum on law enforcement case studies and best practices explored how hackers and cyber-criminals are constantly looking for new attack vectors to steal data and perpetrate fraud. The speakers emphasized on the need for the combined efforts of law enforcement professionals and concerned stakeholders, in order to get ahead of organized crime activity and emerging payment card fraud trends.
A speaker from Singapore INTERPOL also highlighted the evolution of cybercrime from computer-based fraud into cyber-enabled crime. Examples of such crimes include having malware installed on ATM machines and other physical machines such as parking meters, bus and train ticket machines, and food vending machines.
The impact fraudsters can make with today’s technology is extensive. That, along with the payments landscape’s dynamic nature, is why our work as security professionals is never done. We will need to stay updated and always be one step ahead in order to maintain the integrity of the system.
- For insights on advancing security and fraud management for payments, check out Security Matters
- Learn more about MasterCard’s Global Risk Management Conference Series at http://arm.mastercard.com