Every consumer will make a payment at one point. The use of aeps can avoid payment fraud
Banks have dominated the global payments industry using aeps for decades.
However, banks have always dominated the global payments industry.
These options are only going to get more because of the huge potential of the global payment industry.
A McKinsey report for 2019 on global payments using aeps shows that the industry’s total revenues reached $1.9 trillion in 2018.
This represents a growth rate of 6%.
The industry has experienced an average annual growth rate of 6% in the past seven years.
McKinsey predicts that total revenue will reach $2.7 trillion by 2023.
Cybercrimes are a consequence of increased growth.
According to the U.S. Federal Bureau of Investigations (FBI),
business email scams resulted in over $12.5 billion of domestic and international dollars loss between October 2013 and May 2018.
Cybercriminals find the industry attractive because of the low chance of recovering due to the complexity involved in payment transactions,
particularly cross-border transactions for which no single regulatory body is responsible.
What can consumers do to ensure their safety?
These are four ways to make sure your payment using aeps is not lost to cybercriminals.
1. it may sound too good to true.
Do not trust anyone or any company that claims to be able to save you huge foreign or transaction fees by using aeps.
You may be contacted in many ways.
They could contact you digitally, via email, or by text.
You could also call. It could be by phone or face-to-face.
2. Do your research.
Only use licensed and reputable payment providers. \
Check accreditation and complaints agency websites online to find out the reputation of the payment service provider.
To determine if the payment provider has been licensed,
visit the website of the relevant financial regulator.
3. Keep your eyes open.
You have made your payment. Now you think it’s over. It isn’t.
After the transaction is completed, be aware of scams targeting consumers.
A common scam involves someone claiming to be tech support,
and telling you that something is wrong with your transaction.
Avoid being a victim of these scams by not giving sensitive data,
such as your password,
to strangers and preventing them from remotely accessing your computer.
You should confirm the identity of the requester to ensure safety.
4. Make sure you protect your devices
These six steps will help you protect your computer,
mobile device and other devices.
1. Make sure you have your antivirus software updated.
This will prevent malicious programs from being embedded on your computer or device.
* Make sure that your firewall is on.
This will protect your computer from hackers trying to steal sensitive information.
* Third, ensure that your operating system is up-to-date by installing security patches,
which can fix security problems previously discovered.
Fourth, be cautious about what you download.
You might be able to get malicious code that can bypass antivirus software and steal information.
* Fifth, delete caches and browsing histories from your computer and device so hackers can’t access them.
Sixth, make sure your mobile devices and computer are turned off when not in use to prevent unwanted attacks.
These tips will ensure that your payments are secure as the industry grows.
Don’t let cyber criminals ruin an otherwise vital industry.
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The sophisticated fraud known as E-mail Account Compromise or
Business E-mail Compromise is designed to target both individuals and businesses that receive wire transfer payments. Use aeps to avoid it
This scam is often perpetrated when a subject compromises legitimate business email accounts via social engineering
or computer intrusion techniques to make unauthorized transfers of money.
Sometimes the scam is not associated with a request to transfer funds.
Another variation of this scam involves compromising legitimate business
email accounts and requesting Personally Identifiable Information or Wage and Tax Statement forms (W-2) for employees.
STATISTICAL INFORMATION
The BEC/EAC fraud continues to evolve and grow,
targeting small, medium
and large businesses and personal transactions. ”
There was an increase of 136% in global exposed losses between December 2016 and May 2018.
This scam was reported in all 50 US states as well as in 150 other countries.
Fraudulent transfers happens in 115 countries.
according to victim complaints and financial sources.
According to financial data, Asian banks in China and Hong Kong are still the main destinations for fraudulent funds.
However, recent research has shown that financial institutions in the United Kingdom and Mexico have been recognized as important destinations.
In recent years, the real estate sector was heavily targeted by EAC/BEC actors.
Firstly, Victims of real estate transactions at all levels have reported this activity to IC3.
secondly, Title companies, law firms, and real estate agents are all affected.
Victims often report receiving a spoofed email from one of these real estate transaction participants,
with instructions to the recipient to modify the payment type or location to a fraudulent bank account.
Finally, The funds are often directed to a fraudulent domestic account,
which can quickly disperse the money through check or cash withdrawals.
You can also transfer the funds to another fraudulent international or domestic account.
The funds sent to domestic accounts often run out quickly, making it difficult to recover them.
In connection with the BEC/EAC real-estate trend,
because, domestic money mules is identified with it.
BEC/EAC actors are known to recruit money mules using romance/confidentiality scams.
A BEC/EAC actor might groom a victim, then instruct them to open accounts in the name of receiving or sending funds.
Accounts will be opened to maintain the security of account information.
The financial institutions may flag the account and close it.
Be mindful of phone conversations.
Although, Victims have reported receiving phone calls from BEC/EAC
actors requesting personal information for verification purposes.
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