The European Payments Council (EPC) publishes the yearly “Payment Threat and Fraud Trends Report” „to contribute to creating awareness on payment threats and fraud trends, and to help payment stakeholders decide on proper actions to prevent fraud,” according to the press release.
The document provides an overview of the most important threats and other “fraud enablers” in the payments landscape, including social engineering and phishing, malware, Advanced Persistent Threats (APTs), (Distributed) Denial of Service ((D)DoS), botnets and monetisation channels. For each threat, an analysis is made on the impact and context and suggested controls and mitigations are described.
The description of the threats is followed by a section that elaborates on how the identified threats impact payment-relevant processes: On-boarding/ Provisioning, Invoicing/ Request-to-Pay, Initiation/ Authentication, and Execution.
The types of fraud related to specific payment instruments (cards, Single Euro Payments Area (SEPA) schemes – SEPA Credit Transfer, SEPA Direct Debit, SEPA Instant Credit Transfer – and mobile wallets) and supporting schemes such as SEPA Request-to-Pay, are described in the next section while conclusions are presented in the final section.
The report attempts to create awareness amongst stakeholders involved in the payments domain to allow them to adopt proper measures to prevent payment fraud.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
