For all the devastation that COVID-19 has wreaked worldwide, one impact has escaped widespread notice. Payment attacks against financial institutions, consumers, and companies are on the rise. COVID-19 accelerates payments attacks against financial institutions, consumers, and even companies as the pandemic changes buying habits and promotes a shift to remote work.
Digital technology has armed cybercriminals with new tools, such as AI and ML, to create data breaches, trick consumers, and worm into what companies believed were secure data centers and payment processing programs.
Is there a path towards disinfecting digital payments despite current trends and the arrival of even more threats? We believe there is. By strengthening security around digital payments, hardening defenses in the cloud, and encouraging consumer education campaigns, we see the foundation of cyber hygiene steps for building a resilient payments future.