Insights from BofA’s Global Payments and Card Conference
Cyber crime and payment fraud cost businesses an estimated $6 trillion in 2019.¹ Is your business keeping up with the latest advances in data and device security? See how we’re helping clients identify gaps and thwart potential threats.
Security gaps in a changing world
Tech advances can create new avenues for fraud. While the Internet of Things, the sharing economy and digitization can drive great business opportunities, they can also open security gaps that your organization must address.
Prevalent fraud types
Fraud types constantly change as cyber criminals seek to exploit new weaknesses. Here are some of today’s prevalent schemes.
Pillars for fighting back
A strong defense requires three pillars: Sharing data internally, securing all system touch points and eliminating cardholder friction. Requiring biometric authentication for device and system access can help with each of these.
1Cybersecurity Ventures, 2017 Cybercrime Report.