By: Bene’t Garcia, Director of Marketing
Fraudsters are always looking for unsuspecting payment types that can be used to perpetrate their crimes. The increased consumer and merchant usage of alternative payment methods (APMs) have quickly increased the attention of both cybercriminals and the regulators charged with keeping them at bay. It is interesting to note why financial institutions (FIs) and APMs must do their best to stay ahead of the bad actors in their portfolios before law enforcement or regulators take notice and become involved.
So often FIs are so inundated with the day-to-day effort of keeping up with the evolving regulatory environment, it’s almost impossible to stay ahead. Cybercriminals look for inattentive compliance departments and will take advantage of any vulnerability in your processes. If you do not have the resources to do this work in-house, it is essential you consider the assistance of a third party. Many times, they can do this job faster and cheaper than internal resources.