It is a truth universally acknowledged that governing bodies, economists and politicians (usually in possession of a good fortune) must be in want of a scapegoat when faced with rising pressures to deal with terrorist and tax avoiding problems. One might find cash to be a perfectly acceptable match in this case but actually, this is a most unfortunate affair; and will probably be much talked of...
By now it’s clear that fraudsters migrate to the spaces where vulnerabilities are available for them to exploit. Now that credit cards are more secure than they’ve ever been, cybercriminals have set their sights on increasingly popular alternative payment methods (APM). Dan Frechtling, CMO and chief product officer of G2 Web Services, shared why APMs have becomes the hot cybercrime ticket and how financial services companies can protect themselves best against the growing threat.
Fraudsters are always looking for unsuspecting payments types that can be used to perpetrate their crimes.
Today, that means alternative payment methods, or APMs.
G2 Web Services categorizes these alternative payments among eight different types, which include peer-to-peer (P2P) payments, money service businesses (MSBs), eWallets, mobile payments, prepaid cards, vouchers, bank debits and credits or linked bank accounts and cryptocurrencies.
Dan Frechtling, CMO and chief product officer of G2 Web Services, used this analogy: hackers are cybercriminals who seek unauthorized access to data, while payment hustlers seek unauthorized access to payment methods.
“Because fraudsters are finding it harder to launder proceeds through credit card networks, they are looking for less monitored payment types — they are exploiting loopholes and looking for weaknesses,”
It’s no surprise that as credit cards have increased in security, the payment hustlers have been hard at work finding other payment method avenues to fraud.
APMs are extremely vulnerable because of their tendency to unwittingly enable crime and fraud.