Ransomware attacks are maturing in terms of execution, attack surface and geographic reach, according to the recent Verizon Business 2022 Data Breach Investigation Report (2022 DBIR). The report is known for delivering cyberattack trend analysis in a down-to-earth, highly readable style. The 2022 DBIR warns enterprises of escalating activities, attributing four out of five data breaches to global organized crime.
Hans Vestberg, CEO and chairman at Verizon, noted the pandemic exposed flaws in network infrastructure that criminals continue to exploit. "As we continue to accelerate toward an increasingly digitized world, effective technological solutions, strong security framework and an increased focus on education will all play their part in ensuring that businesses remain secure, and customers protected," he said.
Scarcely three months after reporting high satisfaction levels, J.D. Power researchers are finding the opposite sentiment among bank and credit union customers, according to multiple surveys released in June 2022. The reports, J.D. Power 2022 U.S. Banking Mobile App Satisfaction Study, 2022 U.S. Online Banking Satisfaction Study, 2022 U.S. Credit Card Mobile App Satisfaction Study and 2022 U.S. Online Credit Card Satisfaction Study, attribute recent dissatisfaction to a “perfect storm of rising customer expectations and faltering economy.” Jennifer White, senior consultant for banking and payment intelligence at J.D. Power, noted a changing tide of customer satisfaction, largely driven by a tough economic climate.
“We’re seeing a lot of volatility in customer satisfaction scores in the digital banking and credit card space driven by a combination of heightened customer expectations for what a digital experience should look like,” she said.“Based on their experiences with other consumer apps and websites that anticipate their needs and offer a highly personalized customer experience, bank and credit card customers are expecting more from their digital solutions.”
Fraudsters have found a new way to scam consumers: cryptocurrencies. A new report from the Federal Trade Commission revealed that fraudsters have stolen over $1 billion in cryptocurrencies from 46,000 consumers since the start of 2021—nearly 60 times more money than was reported lost to cryptocurrency scams in 2018. Cryptocurrency scams accounted for about one in four dollars reported lost to fraud since January 2021, more than any other form of payment, the FTC said.
The median reported loss was $2,600. Of the losses covered in the FTC's report, $680 million occurred in 2021. During the first three months of 2022, an additional $329 million in fraud losses were reported, suggesting losses this year could top $1.3 billion. A majority of reported payments to scammers, 70 percent, were in Bitcoin. About 10 percent were tied to Tether and 9 percent Ether, the primary token used on the blockchain Ethereum network.
Merchants are keen on accepting cryptocurrencies, but they recognize there will be challenges. That's the upshot of a new report from Deloitte, which surveyed 2,000 senior executives at U.S. retail organizations. Deloitte found that most survey respondents believe accepting digital currencies will put them at a competitive advantage. Eighty-five percent expect digital currencies to be ubiquitous in their respective industries within five years. Industries represented in the survey included digital goods, electronics, fashion, food and beverages, home and garden, hospitality, and transportation.
Fifty-four percent of retailers surveyed have already invested more than $1 million toward enabling cryptocurrency payments, Deloitte said. "This survey shows that merchants view acceptance of digital currencies – driven by consumer acceptance and demand – is key to driving business, and those that are slow to adopt run the risk of falling significantly behind," said Zachary Aron, principal and chief of the global and U.S. banking and capital markets practice at Deloitte.
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