Visa, a global leader in digital payments, has released the Spring 2024 Edition of its Biannual Threats Report, highlighting the increasing sophistication of payment threats worldwide. The report identifies humans as the most vulnerable point in the payment ecosystem, targeted by increasingly organised and sophisticated threat actors.
“With the use of generative AI and other emerging technologies, scams are more convincing than ever, leading to unprecedented losses for consumers,” said Paul Fabara, Visa’s Chief Risk and Client Services Officer. He emphasised that Visa is uniquely positioned to address these threats, having invested over $10 billion in technology and innovation over the past five years. These investments, combined with ongoing education and top-tier talent, allow Visa to stay ahead of scams and protect consumers effectively.
The Association of Banks in Cambodia (ABC) also addressed evolving cybersecurity trends during its inaugural Cybersecurity Day in May 2024. Mar Amara, ABC Council Member and Chairwoman of the ABC Payment Committee highlighted that while technology brings significant benefits and convenience, it also opens avenues for cybercriminals. She emphasised the need for businesses to adopt robust prevention tactics, adhere to regulatory compliance, enhance cybersecurity awareness, and employ strategies such as real-time monitoring, machine learning, and behaviour analytics.
In 2022, Visa updated its security roadmap in Cambodia, focusing on enhancing payment security. At a recent Risk Forum, Visa underscored the importance of data security and risk solutions in ensuring ecosystem resilience. The adoption of Visa Token Service (VTS) boosted Asia Pacific’s digital economy by over $2 billion in 2023.
“Visa has always placed security at the forefront of its priorities in Cambodia as the country’s payment ecosystem becomes increasingly more digital,” said Ivana Tranchini, Visa Country Manager for Cambodia. She reiterated Visa’s commitment to forging strong public-private partnerships to bolster the success of risk mitigation and management.
Consumers remain the primary targets for scammers, who exploit heightened emotions to create fraud opportunities. Although global scam reports decreased from June to December, the total money lost increased, indicating more effective and costly scams.
One major scam, the “pig butchering” scam, uses social media and dating sites to lure victims into fake cryptocurrency investments, leading to billions in losses. 10% of surveyed adults have been targeted. Inheritance scams involve victims being contacted about fake inheritances, often from seemingly legitimate sources, with 15% of US adults targeted. Humanitarian relief scams exploit current events to defraud donors through social media, while triangulation fraud involves illegitimate storefronts collecting payment information and compromising legitimate merchants, costing up to $1 billion in a single month.
“Visa has a dedicated team that works around the clock globally to monitor and disrupt fraud tactics,” said Fabara. He noted that Visa’s average time between identifying and shutting down an attack is measured in minutes, helping keep consumers safe.
Threat actors continue to exploit organisational weaknesses, with new technologies amplifying their impact. Key trends include targeting supply chains and third-party services to maximise impact through single breaches, using AI to identify vulnerabilities in bank fraud controls, and increasing Purchase Return Authorisation (PRA) fraud attacks, which have risen 83%. Ransomware cases have increased by 300%, with ongoing threats to critical infrastructure.
