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Visa Payment Fraud Disruption (PFD) just released the June 2023 edition of the recurring Biannual Payments Ecosystem Threat Report, which provides an overview of the top threats from December 2022 to May 2023.

This report details notable threats to the payments ecosystem, provides insight into criminal methodologies, and highlights the efforts employed to disrupt them.

Cover image of the Visa Payment Fraud Disruption Biannual Threats Report June 2023

According to the Latest Report:

Over the past six months, the global fraud rate has generally remained at or below average.

However, malicious actors have executed precise and sophisticated fraud schemes that have significantly impacted particular institutions, technologies, and processes.

These attackers continually advance their capabilities, demonstrating the ability to exploit identified vulnerabilities with remarkable efficiency.

Criminals have increasingly adopted novel and emerging technologies to enhance their advanced and technically sophisticated fraud schemes.

These tactics encompass using malvertising and search engine optimization (SEO) strategies to develop persuasive and successful phishing and social engineering campaigns, incorporating emerging advanced language model (ALM) technologies, and a growing focus on targeting authentication processes.

Over the next six months, PFD anticipates threat actors will:

  • Increase attacks and attention on the authentication stage as authentication technology becomes more ubiquitous across the payments ecosystem.
  • Further exploit and utilize ALMs to cultivate effective social engineering campaigns and facilitate fraud.
  • Continue ransomware attacks by exploiting vulnerabilities in technology.
  • Target identity data with increased frequency.
  • Focus significant attention on supply chains and third parties.