Kaspersky discusses e-payment threats in event called ‘Marking the money movement in APAC’

Electronic payments, one of the key pillars of the digital economy, have helped enhance the economic and social wellbeing of billions of people globally, especially during the pandemic. In fact, the Asia Pacific (APAC) region is the largest contributor to global digital payments revenue, with analysts expecting the sector to exceed USD $1 trillion revenue by 2022 or 2023.

To better understand the pulse of digital payment adopters from the region and this trend’s security implications, Kaspersky held a virtual media conference themed “Marking the money movement in APAC” across 12 countries last Thursday, October 14.

During the event, the global cybersecurity company provided a deep dive into the cyberthreats that come with electronic payments through presentations from Kaspersky’s elite researchers.

In his talk titled “Digital payments: A leap to cashless society,” Kaspersky’s managing director for APAC, Chris Connell, discussed how the surging demand for this payment method “tranforms the way people transact both online and offline.”

“Businesses are now digitalizing their operations to capture additional revenue through digital payments, while consumers are heavily reliant on it due to the ease and convenience it offers,” Connell said. “It is clear that the demand for quick, efficient, and low-cost payment experiences will encourage further innovation in this space, and we are seeing that happening with the emergence of real-time payment rails.”

To zero in on the “New Generation of Financial Attacks”, one of Kaspersky’s elite researchers, Vitaly Kamluk, also explained how targeted financial attacks look today, who is the main target, and how big is the scale of the theft.

Kamluk, Director of Global Research & Analysis Team (GReAT) for APAC at Kaspersky, took the audience back to the infamous Bangladesh Bank Heist attributed to an APT group named BlueNoroff believed to be the financial subdivision of a larger Lazarus gang that conducts traditional cyberespionage. He also expanded on how this group now focuses on the rising value of cryptocurrency.

“Even years after the Bangladesh Bank Heist incident, SWIFT, commercial banks and the rest of financial industry were carefully tracking BlueNoroff compromises and money theft of less protected banks around the globe. Due to a lot of attention over long time, BlueNoroff became less and less successful in their operations, which also required a lot of additional efforts for money laundering and covering their traces. This is when they started turning their heads to cryptocurrency, which price has also skyrocketed,” said Kamluk.

In related news, Kaspersky’s recent study shows that the Philippines has most e-cash adopters in APAC during the pandemic.

The post Kaspersky discusses e-payment threats in event called ‘Marking the money movement in APAC’ appeared first on Speed Magazine.

Kaspersky discusses e-payment threats in event called ‘Marking the money movement in APAC’
Source: Showbiz Hollywood News