2023-11-29 14:14:55
According to the report “Card Fraud Losses Worldwide”, from Nilson Report, a commercial publication that covers the global payment card industry, worldwide, the figures for losses caused by credit card fraud will reach the mark of 49 billion dollars by 2030. The study also predicts , that in the same period, the volume of figures generated by all payment cards reached 79 trillion dollars.
According to the 2023 edition of “Data Breach Investigations Report” from Verizon, in the US alone, payment card data was compromised in 37% of breaches that occurred in 2021 in the North American market. In Brazil, research data “Digital Prints and their relationship with people and companies” reveal that 2 in 10 Brazilians have already suffered credit card fraud. According to Banco Central, in May 2023 Brazil had 190.8 million credit cards. This represents almost double the country’s economically active population (107.4 million people, according to the IBGE).
Guilherme Longanezi, Solutions Engineer at F5 Brasil, explains that in the last five years, the profile of financial applications has changed a lot. He says that instead of being monolithic codes, current Apps are built using a collection of JavaScript libraries – mostly from third parties. “This is an open door for digital criminals,” says Longanezi.
The executive says that the credit card operator depends on code from external entities to support the business and that this reality means that companies do not have visibility or control of the code over what is, in fact, being executed on their websites.
Longanezi says that many digital gangs are capable of extracting personal data and payment information, taking control and defacing websites, as well as presenting false content, creating forms or altering legitimate forms. “The goal is fraud and account takeover by criminals”, highlights the F5 spokesperson.
According to Guilherme, the sale of personally identifiable information on dark web It’s a big headache for card issuers, as this data is often used to open new credit accounts with the intention of fraud.
To prevent these violations and inhibit the actions of cybercriminals and even reduce losses, Guilherme Longanezi says that credit card companies must take a leap towards cybersecurity maturity. He says that it is necessary for credit card companies to build and maintain a secure network, for these companies to protect cardholder data and manage system vulnerabilities. “It is essential to monitor and monitor all access to cardholder data, regularly test security processes and maintain an information security policy”, concludes Guilherme Longanezi.
1701300111
#Losses #credit #card #fraud #reach #US49 #billion