Top Cybersecurity Trends in 2022: Revolutionising Fintech and Remittance Industries

The new cyber-culture found after the worldwide pandemic hit in 2020 has been incredibly beneficial to hackers. Nothing exemplifies this more than the SolarWinds breach, which Microsoft president Brad Smith hailed as the most comprehensive cyberattack of all time. Its ramifications have been felt throughout 2021. 

Working from home, the continuous digitalisation, and the increasing online presence of worldwide humans imply that phishers, hackers, fraudsters, and extortionists have new chances. Unfortunately, there is no sign of this slowing down as you approach 2022. As a result, individuals and companies must be conscious of the ever-expanding channels of attack and what can be done to reduce the dangers.

How is the Financial Industry the Main Victim of Cybercrime?

The act of achieving financial benefit through profit-driven criminal activities, such as identity fraud, ransomware attacks, email and internet fraud, and efforts to steal financial accounts, credit cards, or other payment card information, is called cybercrime in finance. Financial cybercrime, in other words, encompasses acts such as obtaining payment card information, getting access to financial accounts to conduct suspicious transactions, extortion, identity fraud to apply for financial products, etc.

Because the financial services business is such a valuable target, the increase in cybercrime has significantly impacted. Unfortunately, cyber financial crime impacts a wide range of businesses and unwary individuals like every layperson worldwide. Everyone is vulnerable to credit card skimmers, being targeted for virtual wallets or software developed to steal your password. 

The Fintech business includes both innovation enterprises that provide financial services and organisations that provide technological services directly to financial institutions. Fintech firms use technology to facilitate monetary operations between companies and customers.

What is Fintech and Main Factors Revolutionising Fintech-Remittance

While the phrase “Fintech” has been part of the technologically advanced world of remittance, it’s worth revisiting the industry in light of quickly expanding technology and a slew of new participants. Technological advancements, shifting access to financial goods, and increased rivalry in the financial services business are all fueling a new wave of Fintech companies and investments that have drawn attention to the industry in recent years. 

Companies are developing goods and services to expand into new areas of the financial system and alter the competitive environment to find the best way to transfer money internationally. This factor provides an overview of essential parts of the Fintech business and institutions participating in the sector, emphasising sub-sectors undergoing the most rapid transformation. The following industries are included in the financial technology industry by S&P Market Intelligence in the diagram below.

So, let’s have a look at one of the highly crucial developments influencing our online security in the coming year and beyond, as well as some practical actions you can do to prevent being victims.

Cybersecurity Managed Through AI Technology

Artificial intelligence (AI), in the same manner used in financial services for fraud detection, may combat cybercrime by finding behaviour patterns that indicate something out of the ordinary is happening. Moreover, AI allows this to be done in systems that must deal with thousands of events per second where fraudsters would try to strike quite often. 

AI’s predictive capabilities make it so beneficial in this context, which is why more and more businesses will invest in these solutions as you approach 2022. However, fraudsters are aware of the benefits of AI, and new attacks are developing that exploit technology such as machine learning to circumvent cybersecurity safeguards. According to Capgemini’s research, two-thirds of firms now feel AI is required to detect and address significant cybersecurity risks. Almost three-quarters are employing or testing AI for this reason.

Ransomware a Threat in Making

According to the UK National Cyber Security Centre, the first quarter of 2021 had three times the number of ransomware assaults as the entire year of 2019. According to PwC research, 61 per cent of IT executives predict this to expand in 2022. Once more, you may attribute this to the epidemic and an increase in the quantity of activity conducted online and in digital surroundings. 

Ransomware is often distributed through phishing tactics. Employees are duped into supplying information or clicking a link that downloads the ransomware software (also known as malware) onto a computer. Educating people about these threats and the growing number of clickbait is the best solution to this problem. According to a study, employees who are aware of the hazards of this form of attack are eight times less likely to be a victim.

How Can You Prevent Financial Cybercrime?

Various methods have been introduced by banking services as well as private financial institutions. But to find the most effective and suitable way that may benefit the remittance recipients in many ways requires some thorough research and an excellent financial service provider. 

Human mistakes are frequently the cause of exploits; thus, it suffices to say that training and awareness are essential. As a remittance-providing company, it is also critical to work on awareness so that employees know how they might be duped to modify these behaviours. It is also crucial to have practical threat intelligence in place, as well as frequent vulnerability checks performed by the IT security team and overall excellent cyber hygiene.

Try using the following techniques when you’re working as an individual, but it is advisable to connect to a remittance service provider for assistance, such as ACE Money Transfer:

  • You need always be cautious when buying online, completing transactions, or logging into your online bank and government websites.
  • Always make transactions through international money transfer apps or legitimate websites, and be wary of who and to whom you’re giving money.
  • Avoid clicking on dubious links, always confirm the sender’s identity, and seek a second view if in doubt.

Nevertheless, it is best to contact your financial service provider and take their help as they are experts in this field. Such a remittance service provider is ACE Money Transfer. They have been helping their customers break the most incredible deals without being cyber-attacked.

For more details on ACE’s services and security measures, contact ACE Money Transfer or click the link below