The remote work era brought on by the COVID-19 pandemic has made it even easier for criminals to execute payment fraud attacks. For most companies, it’s become a matter of when they’ll face a fraud attack—not if.
New defenses are needed, because the nature of cybercrime is changing. For many years, bad actors focused on software-based attacks such as ransomware. Vendors hadn’t quite caught up to developing code secure enough to operate in the hostile environment that we know is the internet today.
Now vendors have hardened their systems to the point where it’s inefficient for a bad actor to carry out an attack using technology alone. In the last year or two, we’ve seen a shift to schemes that use technology but ultimately rely on strategies that exploit human weakness. This is the new frontier in the battle against payment fraud.
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