Fraud is Big Business and Companies are Fighting Back
iconectiv to Share Insights on Combatting the Rise of Scam Attacks During FinTech Summit – The Token Economy at MWC Barcelona 2022
57% of consumers say they now prefer online banking to traditional branch banking, and 55% prefer using mobile banking apps to stay on top of their finances, all according to the World Retail Banking Report. And, with contactless payments expected to continue rising worldwide to reach an over $1.6 trillion transaction value by 2024, according to data from BuyShares.co.uk, this burgeoning market is a major target for fraudsters looking to get a piece of the pie.
While commerce is using increasingly sophisticated technology to fight fraud, fraudsters themselves are operating with the mindset of “when one door closes another door opens” by evolving their tactics and deploying social engineering scams as an attack vector.
During the MWC panel session, “The Rise of Scam Attacks,” iconectiv will examine the various attack vectors the industry faces – from illegal robocalls to smishing exploits – and what’s being done to address them. With the burden of responsibility oftentimes placed on service providers to keep both consumers and their networks protected from scammers and spammers, the session will also explore how increased collaboration between key stakeholders across the ecosystem is enabling the development of innovative solutions to increase security and enhance user experience, and why it will take a village and continued innovation to combat the rise in scam attacks.
George Cray is the Senior Vice President of Information Solutions, Products and Services at iconectiv. He leads a team of product managers responsible for iconectiv’s platforms and several industry registries.
Wednesday, March 2, 2022, 11:30 - 12:15 CET
FinTech Summit – The Token Economy at MWC Barcelona 2022
Venue: Industry City Stage, Hall 4, Fira Gran Via
For more information on the session, visit the link here.
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