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How To Stay Safe As Cybersecurity Threats Increase?

Technological advances are driving substantial change and transformation in the payments industry. The convenience and efficiency offered to consumers by mobile apps, e-wallets and online payment systems is gaining momentum. That's why cybersecurity is a top priority for businesses.

How To Stay Safe As Cybersecurity Threats Increase?
Source: Depositphotos

The number of cyber attacks has risen with the global growth of digital transactions. The most common types of attacks that threaten the security of digital payments include theft, data breaches, malware and phishing.

Understanding the dangers

  • One of the biggest threats to online payment security is phishing attacks. Cybercriminals use deceptive emails and fake websites to pose as legitimate institutions in order to steal personal information and payment details. They often contain links that, if you click on them, could lead you to malware or scam sites that steal information
  • Data breaches becoming more frequent. These occur when unauthorised individuals access a company’s databases and steal sensitive information like credit card details, passwords and personal identification numbers (PINs). With thousands, if not millions, of users affected, the impact of such breaches can be huge.
  • The installation of malicious software, or malware, embedded in seemingly innocuous downloads or email attachments is another common threat. Once installed, malware can log keystrokes, steal data directly from devices and even lock users out of their systems and hold them for ransom.

Source. Depositphotos

How Can You Protect Yourself And Your Business?

  1. Enable two-factor authentication (2FA) where available
  2. Use strong and unique passwords
  3. Do not click on links or download attachments from unknown or suspicious emails.
  4. Update software regularly
  5. Implement tokenisation, encryption and other secure payment methods
  6. Monitor your financial transactions regularly for unauthorised activity
  7. Apply robust cybersecurity policies that include advanced threat detection
  8. Cybersecurity best practice training for employees

The cybersecurity threats targeting digital payment systems are evolving. For both individuals and businesses, the increase in digital transactions requires greater vigilance and enhanced security protocols. Users can significantly reduce the risk of falling victim to cyber attacks by understanding the threats and taking comprehensive protective measures.

“Anti-fraud techniques must work to minimise friction whilst maximising detection capability. This must be done across multiple channels with no gaps. The multiple parts of a payment model across all the human touchpoints mean that the many moving parts of the system must be oiled by anti-fraud and fluid identity verification. The emergence of identity networks that can handle multiple sources of data and verification services will help move the scales towards a more balanced security-usability model,” as noted in the article.

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