Managing risk of rejecting valid transactions amid cybersecurity fight
Companies must invest in progressive tools to address this costly problem.
IN recent months, news on e-commerce fraud and payment scams have increasingly surfaced, a reflection of two things: the rigorous shift towards digital consumption amid Covid-19, and a new wave of malicious actors exploiting both weaknesses in online platforms and public fears over the pandemic.
Multiple industries - banking, e-commerce, healthcare, telecommunications and even entertainment - have become the target of fraudulent activities, and will contribute globally to a 60 per cent rise in fraud rate brought on by the outbreak.
This aggressive increase in fraudulent activities stems from the marked growth in e-commerce spending, prompted by the Covid-19 pandemic. In Singapore, e-commerce scams topped the list this year, registering a nearly 75 per cent year-on-y…
SEE ALSO
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access
China’s better economic growth hides reasons to worry
In AI-copyright battle, an existential crisis emerges
Europe shows diversifying from China’s economy is hard to do