PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Cyberattacks Are Ramping Up, but Companies Still Lag in Defenses

By Connie Diaz De Teran
January 23, 2024
in Analysts Coverage, Fraud & Security
0
0
SHARES
0
VIEWS
Share on LinkedIn
cyber attacks

New research from Trustpair revealed that 83% of companies were targeted by cyberattacks in the past 12 months, resulting in losses exceeding $1 million for 36% of those successfully targeted.

Despite 67% of companies having full knowledge of this growing trend, a significant number still lack robust defenses to thwart such cyber threats.

As highly sophisticated cyberattacks such as deep fakes, texts generated by ChatGPT, and sophisticated phishing tactics, 2024 is ushering in a new era: Cyber Era.

Both businesses and consumers will need to adapt to this evolving landscape. Companies must invest in sophisticated cybersecurity infrastructure, adopt monitoring practices, test for any vulnerabilities, and provide comprehensive employee training. Meanwhile, on the consumer front, awareness campaigns by companies will play a crucial role in educating customers about the nature of deep fakes, in addition to how to identify and avoid them.

The Ripple Effect of Cyberattacks

Cyber fraud’s impact can be felt on many levels, and it’s something that keeps businesses up at night. In the Trustpair report, companies polled noted the top impact that fraud has on their organization:

  • Damaged reputation with customers (51%)
  • Damaged reputation with investors (50%)
  • Tarnished relationship with suppliers (45%)

Fraud is also impacting potential business partnerships. Two-thirds (66%) of respondents said they would sever a business relationship with another organization if they were impacted by payment fraud. This underscores the need for having safety measures in place, and carefully assessing the risk of fraud before entering into a business relationship with a potential partner.

A Rise in Deepfakes

Deepfakes are beginning to impact many sectors, including the banking industry. In the UK, specifically, there’s been an increasing share of deepfake incidents. Research from Sumsub indicated a 300% increase in deepfake incidents occurring between 2022 and 2023. The UK has become a prime target due to its widespread adoption of digital banking.

Deepfakes are gaining traction in other parts of Europe, including Spain and Germany. When looking at these specific markets—in addition to the UK—they represent more than 10% of total cases in Europe.

0
SHARES
0
VIEWS
Share on LinkedIn
Tags: ChatGPTCyber FraudCybercrimeCybersecurityDigital BankingPhishing AttacksUnited Kingdom

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    ai synthetic identity fraud

    Identity Crisis: The AI-Powered Rise of Synthetic Identity Fraud

    November 12, 2026
    first-party fraud prevention

    How Automation Is Changing the Fight Against First-Party Fraud

    November 11, 2026
    agentic payments governance

    From Know Your Agent to Govern Your Agent: Building the Control Layer for B2B Agentic Payments

    November 10, 2026
    merchant management APIs

    How Merchant Management APIs Are Streamlining Operations

    November 9, 2026
    digital wallet threats

    Why Digital Wallet Security Is Becoming More Complex

    November 6, 2026
    faster payments, Synchrony

    Just How Large Is the Potential Market for Stablecoins?

    November 5, 2026
    agentic commerce strategy

    Will There Be a First-Mover Advantage in Agentic Commerce?

    November 4, 2026
    embedded finance for isvs

    Embedded Finance Is Reshaping the Growth Strategy for Software Companies

    November 3, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result