“LexisNexis® Risk Solutions announced today that its suite of payment reference and validation solutions— LexisNexis® Bankers Almanac® Payments — has been named the Best Payment Solution at the AMTD DigFin Innovation Awards. The 2022 AMTD DigFin Innovation Awards, organized by DigFin, recognizes outstanding industrial leaders that excel in the fields of asset management, insurance, capital markets, banking and payments. Bankers Almanac Payments is a comprehensive, one-stop payment reference and validation solution that promotes payment accuracy and efficiency across the entire payment process, from setting up to routing and processing payments.”

“PCI DSS 4.0 was released in March 2022 and will replace the current PCI DSS 3.2.1 standard in March 2025. That provides a three-year transition period for organizations to be compliant with 4.0. The latest version of the standard will bring a new focus to an overlooked yet critically important area of security. For a long time, client-side threats, which involve security incidents and breaches that occur on the customer’s computer rather than on the company’s servers or in between the two, were disregarded. But that’s changing with the release of PCI DSS 4.0. Now, many new requirements focus on client-side security.”

“Global financial losses from card fraud are truly staggering. A recent Nilson report projects that over $408 billion will be lost over the next decade. Credit card fraud in the UK is currently running at a five year high, according to Forbes.   Restaurants (just like anywhere that accepts card payments), have always been a target. However, much changed for food service businesses throughout the peak of the pandemic. In its wake, plenty of those changes remain.  During lockdown periods, food service businesses were forced to adapt or die. Many embraced takeaway delivery services, and had to establish new ways to process customer payments from a distance. This exposed restaurants to a much higher number of “card not present” transactions, which account for 80% of card fraud losses. What’s particularly interesting is that consumer habits learned in lockdown have stuck.”

“LexisNexis® Risk Solutions released the results of its first Global State of Fraud and Identity Report, exploring research and insights from industry experts on recent statistics and trends from our industry-recognized studies on the Global True Cost of Fraud and transaction data from over 39B transactions from the LexisNexis® Digital Identity Network® from January 2022 to June 2022. The report demonstrates how digital transactions dominated the global marketplace as the pandemic-driven trend of consumers migrating to online interactions became commonplace behavior. Digital transactions in the LexisNexis Digital Identity Network rose by 37% YoY for the period.”

“Around the globe, we are seeing the rise of a new type of fraud, that of authorized fraud. Unauthorized fraud is easy to spot, account take over and third party fraud is rife, with frequent news coverage about fraudsters utilising OTPs to help them successfully execute their plans But authorized fraud is quite different and looks like a legitimate transaction made by the genuine user, but is, in reality, someone who has been tricked or coerced into action by social engineering tactics deployed by fraudsters. As an indication of how bad the problem is in the Asia Pacific, Malaysians reported 51,631 online fraud cases. In the Philippines, Globe Telecom blocked over 30 million suspected spam or scam SMS messages in just a two week period; and phone scams in Hong Kong shot up 60% in the first seven months of 2022. Authorized fraud relies on impersonation, a legitimate sounding request for money, payment for fake goods or services, unpaid tax, or even that the victims bank account has been compromised and they need to move their money to a safe account. By using social engineering techniques designed to cause victims stress and panic, the fraudster strikes.”

“In the typically cautious world of central banking, the idea of a central bank digital currency (CBDC) is moving at lightning speed. Atlantic Council GeoEconomics Center research shows that 105 countries and currency unions are currently exploring the possibility of launching a CBDC, either retail—issued to the general public—or wholesale, used primarily for interbank transactions. That’s up from an estimated 35 as recently as 2020. It is not just smaller economies that are interested, either; 19 Group of Twenty (G20) countries are considering issuing CBDCs, and the majority have already progressed beyond the research stage. But as more countries launch CBDC pilot projects, concerns about cybersecurity and privacy loom large. Federal Reserve Chair Jerome Powell recently listed “cyber risk” as his number one worry relating to financial stability, and a recent UK House of Lords report specifically described cybersecurity and privacy risks as potential reasons not to develop a CBDC.”

“Technology developed by Walmart helped the retail giant identify and freeze nearly $4 million in gift cards that had been bought by thousands of primarily elderly victims at the direction of con artists who duped them, according to court records and the company. The U.S. Department of Justice, after being notified by Walmart, recently seized that money through a federal court action in Arkansas. Now victims of the frauds can claim the money.”