Category Archives: Latest Security News

Global Payment Stats Every Business Should Be Aware of

It is important for businesses to be aware of what is happening in the industry as they impact companies on a micro level. You cannot reach a wider market without knowing what is happening around you.

The best way to be aware is to pay attention to the facts and figures. In this article, we will highlight some payment stats to help you understand the market landscape.

We have concentrated on global stats to explain the global landscape. Since ecommerce is ‘beyond borders’, it is important for businesses to know what the international audience wants so they can continue to serve them well.

#1 Cash Is On the Decline

Many countries around the world have gone cashless.

Only 77 percent of all transactions involve cash today. The figure was 89 percent about five years ago and is expected to fall even more due to the current situation that has forced buyers to use alternative methods including no contact payment solutions.

According to this report, e-wallets will have a 28 percent market share by 2022. However, cash isn’t going away anytime soon. In fact, the value of the euro in circulation has increased in the last few years.

Some countries are taking steps to remove cash, while some are still heavily dependent on paper money.

Cash is the second most widely used form of payment in the US after debit cards. Considering New York, San Francisco, and Philadelphia recently passed laws banning merchants from not accepting cash payments, it’s safe to say that cash will continue to prevail in the US.

Still, businesses need to be proactive as users prefer merchants who offer a variety of payment options including digital coins.

#2 Electronic Payments Are Rising

The global use of debit and credit cards (combined) grew from 5 percent to 9 percent between 2012 and 2017.

In recent times, debit cards have declined in popularity but the demand for credit cards has only increased due to new entrants like Apple Pay entering the market.

Apple Pay was originally marketed as an e-payment solution but the company’s decision to issue physical cards changed the game.

Consumers have a lot of faith in credit cards as they are easy to use and come with some other benefits including rewards. However, their dominance is being challenged now thanks to electronic payment options.

The global digital payments market is growing at a rate of 12.8 percent and is expected to continue to grow at this rate for the next three years.

About 50 percent of all transactions in North America are conducted electronically making it a global leader. Europe isn’t far behind either. The use of electronic payments is very common in most European countries.

About 47 percent of all European card transactions involve NFC technology. Asian countries including China, India, and Pakistan are also making use of electronic payments.

The Chinese electronic payments market is among the fastest – it increased 10x between 2012 and 2017. The introduction of Alipay and WeChat payment options can be given credit for the huge growth in the Chinese market.

The scenario is similar in African countries as well, especially Nigeria, which is ahead in the technological race.

These figures show the importance of electronic payments. It can be hard for businesses to sustain if they do not offer e-payments. Look for a payment partner that offers third-party integrations so that you do not have to use multiple providers.

 #3 Mobile Payments For the Future

Before moving ahead, let’s be clear that there’s a difference between mobile payments and electronic payments.

Mobile payments involve the use of mobile apps, whereas electronic payments can be made via credit and debit cards without using digital wallets or apps.

The use of mobile devices is on the rise and mobile commerce accounts for about 48 percent of digital sales.

Since many people carry smartphones, they find it easier to use mobile devices to make payments.

The use of mobile devices for making payments at the point of sale is expected to increase to 28 percent by 2022.

This option is more popular among the newer generations (Gen-Z and millennials). About 28 percent of millennials have used a digital wallet at the point of sale, about 8 percent higher than the general population.

Younger people use digital wallets about five times a month, according to Billtrust. Due to an aging population, the gap is expected to increase in the future as the newer generation is used to mobile devices.

The scenario, however, is not the same all around the world as mobile payments are still not very popular in developing countries.

Only 37 percent of global merchants support mobile payments at the point of sale. On the positive side, about 31.4 percent intend to introduce this feature soon.

Businesses must provide consumers the facilities they need to prevent them from going to competitors.

Conclusion

These stats highlight the diversity in the global payments landscape. Retailers must take steps to know what their customers need so they can bring changes to the payment ecosystem.

A lack of payment options is one of the major reasons why the average cart abandonment rate is as high as 69.56 percent.

Remember that today’s customers are spoiled for choice. They will not think twice before moving to another seller if you do not have the payment option that they prefer.

Look for a payment partner who understands your requirements and can offer the services that you need.

Bio:

Lou Honick is the CEO of Host Merchant Services. Prior to founding Host Merchant Services in 2010, Lou was the founder of HostMySite.com and received numerous awards including SBA Young Entrepreneur of the Year, Inc Magazine 30 under 30, and multiple listings on the Inc 500. As a serial entrepreneur, all of his companies have operated on a singular devotion to outstanding customer service and support. Lou is a respected expert on the topics of customer service, payments and fintech, Internet technology, and entrepreneurship.

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Emotet Botnet Named ‘Most Wanted Malware’ for July 2020

The Emotet botnet earned the title of “most wanted” malware family for the month of July 2020 following a period of inactivity. Check Point revealed that Emotet threat activity had affected 5% of organizations worldwide in July 2020, thereby earning the malware the top spot in the security firm’s Global Threat Index for that month. […]… Read More

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Phishing Campaign Leads Users to Site Disguised as Email Scanner

A phishing campaign tricked users into visiting a website that masqueraded as an email scanner in an effort to steal their account credentials. Kaspersky Lab found that the campaign began with a scam email containing a fake virus alert. This email claimed to originate from an organization’s “Email Security Team,” but it actually originated from […]… Read More

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FBI: Continued Use of Windows 7 Poses Security Risks Given EOL Status

The Federal Bureau of Investigations (FBI) warned of the security risks that organizations face if they continue to use the Windows 7 operating system despite its end of life (EOL) status. In a private industry notification published on August 3, the FBI explained that it had witnessed computer criminals exploiting operating systems that had achieved […]… Read More

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Moldovan National Pleaded Guilty to Role in Digital Crime Enterprise

A national of the Republic of Moldova pleaded guilty to his role in a digital crime enterprise that caused hundreds of millions of dollars in losses. On July 31, Valerian Chiochiu (aka “Onassis,” “Flagler,” “Socrate,” and “Eclessiastes”), 30, pleaded guilty to a charge of conspiracy under the Racketeer Influenced and Corrupt Organizations (RICO) Act before […]… Read More

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Belarus Announces Arrest of GandCrab Ransomware Distributor

Government officials in Belarus announced they had arrested an individual on charges of having helped to distribute GandCrab ransomware. On July 30, the Ministry of Internal Affairs (MIA) of the Republic of Belarus revealed that it had arrested a 31-year-old resident of Gomel in cooperation with the United Kingdom and Romania. An investigation into the […]… Read More

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How To Set Your Phone for Better Privacy and Security?

The default factory settings on your phone are a double-edged sword. On one hand, they’re the best way to see what the creator recommends for you, and it makes it easy to get started. But sometimes, these features can have problems.

They can be reducing your battery life, or share things you don’t want them to. So no matter what phone you use, you should change a few options around if you want to have the most security. And this guide will help you to find those.

These settings alone will not protect you from persistent hackers or from complex phishing scams but they will be a great place to start you basic security review. Unfortunately cyber crime statistics are showing increasing threats year on year targeting individuals and business users.

Commercial spy apps are also on the rise and they make it very easy for unskilled hackers to target people if they can access your cell phone. Fortunately these spy apps do leave traces and you can find out if you have been hacked – if you know what to look for.

So let’s look at a few settings you should check when you first start that new phone.

For Any Device

We’ll get to the specifics in a minute, but first we should look at things that all devices have that you should turn on.

Lock Your Screen

Screen locking is the best way to protect your phone from nosy peers or people who may be able to access it if you lose your device. It may be a bit annoying to type those digits every time you use your phone, but if someone tries accessing, you’ll be glad you secured it.

While different devices have different locks, this guide will cover the PIN, which is the most secure and easy to recall.

Locking an Android

Go to Settings, Security, and then Screen Lock. This will allow you to choose your own PIN.

Locking an iOS

Just go to Settings and then Passcode.

Lock a Windows Phone

If you have a Windows phone, go to Settings and then Lock Screen. This will allow you to choose a password option.

Stopping Ad Tracking

We all know how intrusive online ads can be. They track and target you, especially via social media. While it’s par for the course in the world of the Internet, there are ways to make sure that less info is gathered to use against you.

Stop Ads With Windows Phone

Go to Settings and click on Advertising ID. After that, all you need to do is turn it off. Meanwhile, on iOS, you can go to Settings, Privacy, and then Advertising to reduce the amount of tracking you have. Just make sure to enable Limited Tracking afterwards.

For your Android, you need an app called Google Settings. This app can also be used to turn off services that may drain your battery, but it can be used to turn off your ad preference. Go to Ads and then Opt Out of Interest Based Ads. This will shut off a lot of data that Google collects about you.

Turning On Find Your Phone

Back in the day, if you lost your phone, you were out of luck, or you had to download a separate app. However, this is all changed. The smartphones today have their own methods to find your phone if you lost it. However, you have to turn them on, or you may have few options in finding your phone.

For iOS

Go to Settings, iCloud, and then Find My iPad/iPod/iPhone. And that’s that. To see where your device is, just install the Find My iPhone app on another device, or go to the web version that’s viewable with any desktop.

For Windows Phone

Go to Settings and then Find My Phone. You can then turn it on, and use a website to look at your phone’s location, as well as a few other features.

For Android

Go to Google Settings and head to Android Device Manager. The top box will allow you to find your phone, and the bottom is something you should enable as a last effort if you can’t find your device. You can either download an app or use a site to see where your phone is.

Do Not Allow Browsers to Save Your Password

Many browsers allow you to remember a password, which allows you to conveniently log in without having to input a password. However, if you have this on, anyone who finds your phone can use this to their advantage and see what site’s you’re visiting. So when it asks to remember your password, it would be wise to say no.

If you have already saved passwords, don’t worry. You can turn them off.

Turning Off iOS Passwords

Simply go to Settings, Safari, and then click on Passwords & AutoFill. Look at your saved passwords and remove them if you can, as well as other things that may intrude on your privacy.

Turning Off Windows Phone Passwords

Go to Settings, Applications, and then Internet Explorer. Afterwards, go to Advanced Settings. Select Don’t Remember under Website Passwords. Go to IE’s settings and choose Delete History if you have passwords that are already saved.

Turning Off Android Passwords

Open up Chrome and select the menu bar on the top right, which should have three dots. Click on Settings and then Save Passwords. You can turn off passwords it’s saved, as well as turning off the feature altogether.

So what if you want the convenience of stored passwords without having to risk security? Try checking out the app LastPass, which you can get for twelve bucks a year. This encrypts your passwords behind a master one instead of all being stored on your phone.

Always Back Up

Backing up your phone is a great idea, and each phone has their own little way of doing a backup. However, they will not back up everything on your phone, so it’s just one piece of the puzzle when it comes to backing up properly.

Backing Up Android

Go to Settings and Backup &Reset. Go through the boxes and check them, and when you turn on your new phone, you’ll have all your app data and Wi-Fi passwords.

Backing Up iOS

Go to Settings and then iCloud. You can select what data it backs up. It’s a good idea to choose as much as possible unless you are out of space. Regardless, make sure the option is enabled.

Backing Up Windows

Go to Settings and Backup, and then make sure that you select it. You can click on it for more options as to what you can backup as well.

Individual Privacy Settings

iOS

Many apps you download will ask you for permissions, such as accessing your photos. Sometimes, you need this on if you want the app to work properly, but many apps, such as Facebook Messenger, you might need to be wary of. So go to Settings and then Privacy to view what apps you granted permission to. If it needs to have permission to work, turn it on. If not, maybe you’re best to turn it off.

If you want to adjust your location sharing, go to Settings, Privacy, Location Services, and then scroll down to System Services. You turn off location-based ads and sharing if you don’t feel like it’s necessary. However, your location for such things as changing time zones and finding your devices is ideal.

Android

Android is more prone to viruses, so you need to make sure to be educated and try to take preventative measures if you want your phone to be safe. You should first disallow your phone to install apps that aren’t from Google Play. While there are good apps from other sources, you should keep it off until you’re ready to install those apps.

Go to Settings, Security, and Unknown Sources. Uncheck the box and then make sure that Verify Apps is enabled. This will look at apps that are installed and see if there are any legitimate concerns.

In the Security menu is also the Device Administration. These contain apps that require a great amount of permission to use. Look and see if any of those apps you use or if they’re enabled. Research to see if the app is good.

If you don’t know too much about permissions, you should. They work differently than iOS, so be sure to look up on them.

Windows Phone

Windows Phone surprisingly doesn’t have many settings that need to be tweaked, but you should look at the Kid’s Corner. The Kid’s Corner will allow you to put apps on your kids to use and nothing else. To do this, go to Settings and then Kid’s Corner. Enable a PIN so that your kids will not be able to see everything on your phone.

And with that, your device should be secured and good to go. While it’s no fun tweaking all these settings, it will pay off. While default settings can be good, sometimes the manufacturer will consider convenience over your own personal privacy. So feel free to tweak the settings to your preferred privacy level.

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Phishing Email Uses Google Ad Redirect to Steal Microsoft Credentials

Security researchers came across a phishing email that used a Google Ad redirect as a part of its efforts to steal victims’ Microsoft credentials. Cofense found that the email originated from the legitimate email address “info@jtpsecurity[.]co[.]za.” The security firm reasoned that attackers had compromised that email account and abused their access to target employees in […]… Read More

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FBI Releases Flash Alert on Netwalker Ransomware

The Federal Bureau of Investigations (FBI) released a flash alert in which it warned organizations about the dangers of Netwalker ransomware. On July 28, the FBI revealed in Flash Alert MI-000130-MW that it had received notifications of attacks involving Netwalker against U.S. and foreign government organizations along with entities operating in the healthcare and education […]… Read More

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Dussman Group Subsidiary Struck by Ransomware that Leaked Its Data

A subsidiary of the Dussman Group suffered a ransomware infection in which malicious actors stole and publicly leaked its data. As reported by Bleeping Computer, the operators of Nefilim ransomware made good on a promise made back in March to begin publishing victims’ stolen information by updating their data leaks website with a post entitled […]… Read More

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Phishers Using Fake Sharepoint Messages to Target Office 365 Details

Phishers leveraged fake automated messages from collaborative platform Sharepoint as a means to target users’ Office 365 credentials. Abnormal Security found that the phishing campaign began with an attack email that appeared to be an automated message from Sharepoint. To add legitimacy to this ruse, the attackers used spoofing techniques to disguise the sender as […]… Read More

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CISA, NSA Lay Out Recommendations for Protecting OT Assets

The Cybersecurity & Infrastructure Security Agency (CISA) and the National Security Agency (NSA) laid out a series of recommendations for critical infrastructure owners and operators to protect their operational technology (OT) assets. In an alert published on July 23, CISA published an alert in which it recognized malicious actors’ growing willingness to target OT assets. […]… Read More

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Multi-Platform Malware Framework ‘MATA’ Claimed Victims Worldwide

Security researchers discovered a multi-platform malware framework called “MATA” that had succeeded in targeting victims worldwide. On Securelist, Kaspersky Lab revealed that it had shared its discovery of MATA with its Threat Intelligence Portal customers. The Russian security firm explained in its analysis that the first artifacts pertaining to MATA emerged back in April 2018. […]… Read More

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