There has been a shift in fraud away from the
cryptocurrency space, with a decline of 51% in attacks, thanks to the
enforcement of the Market in Crypto Asset (MiCA) regulation. With fraudsters
finding it increasingly challenging to operate in the crypto market due to
regulatory measures, their focus has turned to exploiting vulnerabilities in
the payments sector.
The global identity intelligence company
headquartered in Israel, AU10TIX, recently released its global identity report
for the third quarter of 2023. This report delved into the ramifications of
MiCA, emphasizing enhanced investor protection.
Moreover, it unveils how regulatory crackdowns in
the crypto space are redirecting fraud efforts toward the payments sector.
Conversely, the report detailed a 56% surge in fraud in the payments sector,
driven by factors like increased digital transaction volumes in APAC and
economic recovery in North America.
Ofer Friedman, AU10TIX’s Chief Business Development
Officer, mentioned: “Organized crime groups are exploiting gaps in
detection technology to orchestrate financial fraud on a massive level
simultaneously across multiple businesses and geographies. Actual fraud rates
are multiple times higher than reported.”
Expect ongoing updates as this story evolves…
There has been a shift in fraud away from the
cryptocurrency space, with a decline of 51% in attacks, thanks to the
enforcement of the Market in Crypto Asset (MiCA) regulation. With fraudsters
finding it increasingly challenging to operate in the crypto market due to
regulatory measures, their focus has turned to exploiting vulnerabilities in
the payments sector.
The global identity intelligence company
headquartered in Israel, AU10TIX, recently released its global identity report
for the third quarter of 2023. This report delved into the ramifications of
MiCA, emphasizing enhanced investor protection.
Moreover, it unveils how regulatory crackdowns in
the crypto space are redirecting fraud efforts toward the payments sector.
Conversely, the report detailed a 56% surge in fraud in the payments sector,
driven by factors like increased digital transaction volumes in APAC and
economic recovery in North America.
Ofer Friedman, AU10TIX’s Chief Business Development
Officer, mentioned: “Organized crime groups are exploiting gaps in
detection technology to orchestrate financial fraud on a massive level
simultaneously across multiple businesses and geographies. Actual fraud rates
are multiple times higher than reported.”
Expect ongoing updates as this story evolves…
