The European Payments Council (EPC) published the yearly update of the “Payment Threats and Fraud Trends Report” which provides an overview of the most important threats and other “fraud enablers” in the payments landscape, with focus on recent attacks and outline of the broader attack vector landscape.
The yearly update of the “Payment Threats and Fraud Trends Report” provides an overview of the most important threats and other “fraud enablers” in the payments landscape, with focus on recent attacks and outline of the broader attack vector landscape including: social engineering, malware, advanced persistent threats (APTs), distributed denial of service (DDoS), botnets, third-party vendor risks, monetisation channels, liability for social engineering fraud.
For each threat or ‘fraud enabler’, an analysis of the impact and context is provided, along with suggested controls and mitigations. An overview matrix listing the threats with the main controls and mitigation measures is provided in Annex.
The 2024 update of the report discusses in detail the topic of social engineering, including the liability aspects. Other attention points in the 2024 update of the report, are:
. The topic of social engineering: threats, techniques, and the liability aspects
. How the increasing use of QR-codes has attracted fraudsters
. The risks of AI being used for malicious objectives
. A scale up of Automated Teller Machine (ATM) skimming and relay fraud has been observed.
The document also elaborates on how these threats impact the payment-relevant processes of Onboarding, Payment Request, Payment Initiation and Authentication, and Payment Execution, and discusses appropriate countermeasures. And it details the threats and types of fraud in relation to the different payment instruments (cards, SEPA Credit Transfer (SCT), SEPA Direct Debit (SDD), SEPA Instant Credit Transfer (SCT Inst), and mobile wallets) and to supporting schemes (SEPA Request-to-Pay (SRTP), Verification of Payee (VOP)).
With this report the EPC intends to raise the awareness and provide insight amongst all stakeholders involved in payments space on the various threats that exist and the techniques used by fraudsters to enable them to take better decisions on possible prevention and mitigation measures.
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More details here: 2024 Payment Threats and Fraud Trends Report (pdf file – 1.33 MB)
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:
