In recent years, the global financial sector has experienced a significant surge in new types of fraud and cybercrime. Breaking it down to geographic regions, we see that these dynamics are influenced by a wide array of factors such as the political setting, financial practices, IT structures and the regulatory environment.
Peer to Peer payments have been around since the early days of digital commerce, and mobile P2P passed the $120 billion mark last year. One in three American consumers use P2P apps to make instant payments to friends, relatives, service providers, or anyone they owe money.
A CFO at a cybersecurity startup receives an urgent email from his CEO, who happened to be on a business trip at the time. “David, we need to transfer $40,000 to X this morning to lock in a discount price from this supplier. The bank details are below. I will be in a meeting so please confirm with me by email it was done. Thank you.” The CEO returns to the office later that day and the CFO proudly tells him that the transaction has been completed.
Data breaches at major companies are not slowing down. Last month, Uber shocked cybersecurity experts and customers after disclosing a major data breach that revealed information on 57 million drivers and riders. Not only did Uber keep the breach secret, they paid the hackers a $100,000 ransom to keep quiet.
Today marks the start of National Cyber Security Awareness month, held every October since 2004 in the United States and since 2012 in Europe. The National Cyber Security Alliance sponsors this event along with multiple federal agencies to encourage vigilance and protection by all computer users.