New SAS and Javelin study analyzes digital payment fraud trends worldwide
The global study takes Brazil as a sample for the Latin American region .
SAS and Javelin Strategy and Research have launched the report Global Trends in Digital Fraud to analyze the current landscape of fraud in digital payments and in which they also compile eight recommendations for preparation against cyberattacks .
This report , which follows another study SAS and Javelin launched in 2020 on the escalation of cybercrime during the pandemic , reflects how attacks have changed significantly since then .
Other crimes , such as romantic scams , false employment opportunities or investment fraud , predominate .
The recent revolution of digital payments has caused consumers to demand increasingly flexible and realtime payment options , driving a Digital Transformation in banks , fintech or retailers incorporating applications and offers to respond to new needs .
This also offers new avenues for cybercriminals to attack and commit crimes .
While the threats are almost identical globally , certain types of fraud and trends have manifested differently by region and country , challenging local anti-fraud professionals , law enforcement and governments .
In Brazil , the peer-to-peer payment culture is growing through the PIX system , and investment in financial technology for the unbanked has reached all-time highs .
However , data breaches , scams and malware attacks threaten the country ’ s substantial digital growth potential , necessitating fraud protection measures and enterprise security .
“ A carefully layered deployment of machine learning models , biometrics and complementary contextual tools can help financial firms make faster , more accurate decisions that extend across verticals . Solutions must be interconnected and backed by data streams to effectively
In Brazil , the peer-topeer payment culture is growing through the PIX system , and investment in financial technology for the unbanked has reached all-time highs . combat the increasingly sophisticated strategies already employed by criminals worldwide ,” said Krista Tedder , Head of Payments at Javelin Strategy and Research .
With an abundance of payment options powered by instant payments , Brazil ’ s payments ecosystem is , to some extent , a smaller version of the American system .
Credit cards and online payments such as PagSeguro , PayPal and Google Checkout are digital payment habits that could increase dramatically if access to financial services and the Internet grows more proportional to those in the United States .
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