CYBERSECURITY
“ Substantial industry feedback drove changes to PCI DSS v4.0 ”
LANCE JOHNSON EXECUTIVE DIRECTOR OF THE PCI SECURITY STANDARDS COUNCIL of the payment security market . The global payment security market size is expected to grow from $ 21.47bn in 2021 to $ 24.66bn in 2022 .
Making customers aware of the dangers While organisations need to take control of their security measures , part of the challenge is making customers more aware of the dangers . Nigerian fintech innovator PalmPay recently held its Wallet Safe Workshop , a monthly campaign for payment security awareness training to help customers improve their overall security knowledge , and learn about how to spot and avoid e-scammers .
The penetration of the internet and digital payments in Africa has significantly increased in recent years . A number of potential issues , including fake news , leakage of personal information and financial scams , have emerged as a result of this rapid expansion in connectivity .
According to a recen Nigeria Inter- Bank Settlement System report , the total number of fraud attempts in Nigeria grew by 186 % from 2019 to 2020 . Mobile fraud attempts jumped 330 % year over year , while web and POS fraud attempts rose 173 % and 215 % respectively . PalmPay says that it has now become a top priority for financial institutions to guarantee the security of user transactions .
“ The expanding use of digital payments brings new risk and security concerns ,” said Chika Nwosu , MD of PalmPay .
With more payment transactions being made in online marketplaces , there is a growing need for seamless payments eliminating the risks associated with international payments . This leaves an ongoing challenge for financial institutions in the current climate . cybermagazine . com 55