{"id":6456,"date":"2024-08-26T13:47:10","date_gmt":"2024-08-26T13:47:10","guid":{"rendered":"http:\/\/mena-fintech.org\/demo\/?p=6456"},"modified":"2024-08-27T10:02:56","modified_gmt":"2024-08-27T10:02:56","slug":"payments-security-tackling-challenges-creating-solutions","status":"publish","type":"post","link":"https:\/\/mena-fintech.org\/demo\/payments-security-tackling-challenges-creating-solutions\/","title":{"rendered":"Payments Security – Tackling Challenges & Creating Solutions"},"content":{"rendered":"
\n

In the fast-evolving digital finance landscape, payments security has emerged as a critical concern. On\u00a0<\/span>July 5, 2024<\/span>, the MENA FinTech Association (MFTA) held a Payments Boardroom session focusing on this vital issue. Leaders from financial institutions, FinTech companies, and the venture capital sector gathered to address the pressing topics of transaction security, anti-fraud measures, and cybersecurity.<\/span><\/p>\n<\/div>\n

\n

Why Payments Security Matters Now More Than Ever?<\/span><\/strong><\/h3>\n<\/div>\n
\n

The MENA region has been at the forefront of adopting advanced payments security protocols, including the early adoption of\u00a0<\/span>3D Secure<\/span>. However, as technology evolves, so do the threats. The region faces increasing challenges in both transaction security and cybersecurity, exacerbated by the rise of sophisticated AI tools used by bad actors. The projected spending on security and risk management in the MENA region is set to reach\u00a0<\/span>$3.3 billion in 2024<\/span>, marking a significant\u00a0<\/span>12.1%<\/span>\u00a0increase from the previous year.<\/span><\/p>\n<\/div>\n

\n

Ecosystem Challenges: What’s Holding Us Back?<\/span><\/strong><\/h3>\n<\/div>\n
<\/div>\n
\n
People – The Weakest Link<\/strong>\u00a0<\/span><\/h5>\n<\/div>\n
\n

Despite significant investments in customer education, individuals often fall victim to scams, revealing sensitive information. A Visa study showed that while\u00a0<\/span>56%<\/span>\u00a0of respondents were confident in recognizing fraud,\u00a0<\/span>only 10% actually could<\/span>. This issue spans across all age groups, including the digitally native GenZ.<\/span><\/p>\n<\/div>\n

\n
Lack of Shared Responsibility<\/strong>\u00a0<\/span><\/h5>\n<\/div>\n
\n

There’s a noticeable gap in proactive ownership and accountability within the industry regarding fraud and payment security. Often, blame is shifted among various players in the transaction cycle when fraud occurs.\u00a0<\/span><\/p>\n<\/div>\n

\n

“We need a unified front. Shifting blame only dilutes our efforts to combat these threats.”<\/span><\/p><\/blockquote>\n<\/div>\n

\n

–<\/span>Imane Adel<\/span>\u00a0(PayMob, Co-Chair SHIFT Payments MFTA.)<\/span><\/p>\n<\/div>\n

\n
Tech-Savvy Bad Actors<\/strong>\u00a0<\/span><\/h5>\n<\/div>\n
\n

The democratization of technology has armed fraudsters with advanced tools, including generative AI, enabling them to create convincing fraud messages and deepfakes.\u00a0<\/span><\/p>\n<\/div>\n

\n
Blurring Lines: Cybersecurity Meets Fraud Prevention<\/span><\/strong><\/h5>\n<\/div>\n
\n

There’s a growing convergence between cybersecurity and fraud. For instance, a cyber-attack might first steal personal and payment information, which is then used to compromise card and transaction infrastructures. This trend underscores the need for a holistic approach to security.<\/span><\/p>\n<\/div>\n

\n

Moving Forward: Suggested Industry Initiatives<\/span><\/strong><\/h4>\n<\/div>\n
\n