 | | Insights Beyond the Headlines | | Equifax fell victim to one of the largest cyber attacks in history - what other points of the payments ecosystem are at risk? Last week, Equifax announced that it was victim to one of the largest cyber attacks in history.
Cyber attacks are not a new phenomenon, unfortunately - but this breach is particularly alarming given the type of data that may be compromised (social security numbers) and the number of people who are at risk (143 million).
This incident is increasing scrutiny on an already vulnerable payments landscape.
As purchases shift away from brick-and-mortar and more towards ecommerce, retailers are becoming more susceptible to payment fraud. Last year, fraud losses rose 40% from 2015 levels, and with data breaches like Equifax's, there is little sign of the trend correcting itself.
In a new report, BI Intelligence, explores the digital payments ecosystem today, its growth drivers, and where the industry is headed. It highlights five trends that are changing payments, looking at how disparate factors, such as surprise elections and fraud surges, are sparking change across the ecosystem.
In full, the report: - Traces the path of an in-store card payment from processing to settlement across the key stakeholders.
- Forecasts growth and defines drivers for key digital payment types through 2021.
- Highlights five trends that are changing payments, looking at how disparate factors, such as surprise elections and fraud surges, are sparking change across the ecosystem.
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