Cyberattacks on digital payments are on the rise in Asia Pacific in the midst of emerging alternative methods like mobile wallets.
Cyberattacks on Asia Pacific’s payment segment grew 50 percent in 2022, according to a report by LexisNexis.
This is due in part to the growing popularity of alternative payment methods such as digital wallets, QR code and peer-to-peer transfers which contributed to a 32 percent increase in payment transactions in APAC.
Global Trend
The trend is not limited to Asia but the financial sector globally, which accounted for a 24 percent increase in digital transactions in 2022 but also a 31 percent increase in the digital attack rate.
«Despite heightened regulatory scrutiny, technological innovations and higher public awareness, there are persistent challenges in preventing fraud. This trend is likely to endure as consumers continue adopting digital channels,» said Stephen Topliss, vice president of fraud and identity strategy at LexisNexis Risk Solutions.
«As fraud levels and its sophistication increase, relying on multi-factor authentication alone as a defense is inadequate in today’s digital world.»
