Online Payment Fraud Increases 15% During Holidays

Online payment fraud increases by over 15% during the Christmas season, impacting both consumers’ experience and company revenues, reveals Canada-based fintech Nuvei. Furthermore, Banxico announced changes to the Interbank Electronic Payment System (SPEI) announced in November 2023 entered into effect on Dec. 19, 2023. 

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Online Payment Fraud Increases by 15% During the Christmas Season
According to data collected by Nuvei, during the Christmas season, online payment fraud increased by 15% when compared with previous months. The firm noted that due to ongoing efforts to combat e-commerce fraud, 60% of businesses are experiencing a rise in false rejection rates. 

The Year in Cybersecurity

In 2023, increased reliance on emerging technologies for digital transformations heightened organizations' and governments' vulnerability to cyber threats. The rise of AI-driven cyberattacks presented a notable challenge, automating threats and enabling complex social engineering attacks. This surge in digital risks, coupled with the impact of AI, is projected to result in a significant annual economic impact of US$10.5 billion worldwide.

AI Dominates Telecom Automation With a Focus on Cybersecurity

More than 55% of global telecommunications companies are currently in the intermediate stage of AI-driven automation, according to a study by Nokia and Analysys Mason. The research highlights that 55% of surveyed companies primarily leverage AI for security and cybersecurity measures.

Baxico to Enhance SPEI Cybersecurity Measures

Changes to the Interbank Electronic Payment System (SPEI) entered into effect, aiming to improve cybersecurity conditions and protect the interests of digital banking users, says Banxico. The measure comes amid increasing digital transactions in Mexico. 

Kaspersky Uncovers Malware Using Blockchain Technology 

Kaspersky’s experts found a new malware that exploits NKN technology, a peer-to-peer, blockchain-oriented networking protocol, known for its decentralization and privacy. Kaspersky Security Network identified potential victims of the attack in Colombia, Mexico, and Vietnam.