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Egypt’s transition to a cashless economy is driven by several factors, including government initiatives like the Central Bank of Egypt’s (CBE) push for financial inclusion, fintech innovations, and increased mobile wallet usage. However, the digital landscape has also created new avenues for fraud. According to a report by the Egyptian Banking Institute, digital fraud attempts increased by 18% in 2023. One of the most crucial actions that should be used is biometric verification. Biometric Verification: Several fintech companies in Egypt are adopting biometric verification methods, such as fingerprint or facial recognition, to authenticate users and prevent unauthorized access to accounts. Lets talk about one of the best security solutions that can secure consumers from being hacked and become a victim to fraudulent attacks which is tokenization. Tokenization is the process of substituting sensitive data, such as a credit card number, with a non-sensitive equivalent (token) that can be used in a transaction but has no exploitable value if breached. The sensitive information is securely stored in a separate database called a token vault, and only authorized systems can map the token back to the original data. For example, in digital payments, when a customer pays with a credit card, tokenization replaces the actual credit card number (Primary Account Number or PAN) with a token that looks similar but has no real value outside the specific transaction. In Egypt’s digital payments ecosystem, platforms like Vodafone Cash, Fawry, or Meeza could use tokenization to secure customer payment information. For instance, if a user adds their debit or credit card to a mobile wallet, the system could tokenize the card number. Each time the user makes a payment, a unique token is generated instead of transmitting the card number, which makes it difficult for hackers to steal the real data. Phishing attacks trick users into providing personal or financial information. In tokenized systems, even if a user falls victim to a phishing attack, the attackers cannot gain access to actual payment information, since tokens are only valid for a specific transaction or merchant. It’s important to distinguish between tokenization and encryption, as both are often used for securing sensitive data but serve different purposes: Encryption converts data into an unreadable format using algorithms, but the encrypted data can still be reversed if the key is obtained by fraudsters. But on the other hand, Tokenization replaces sensitive data with tokens that cannot be mathematically reversed. Unlike encryption, the original data is never transmitted during the transaction, making it a more secure option in many digital payment systems. #fintech #fraud #digitalpayments #CNPfraud #tokenization #phishing

Let's see this FRAUD TRENDS IN MOBILE PAYMENT TRANSACTIONS 1. ACCOUNT - TO - ACCOUNT (A2A) and PERSON- TO-PERSON (P2P) FRAUD: As these payment methods grow in popularity due to their convenience, fraudsters have taken advantage by using stolen account information to make unauthorized transfers. This is especially prevalent among small businesses and local vendors who use these services frequently. 2. PHISHING AND SYNTHETIC FRAUD: These remain significant threats, with fraudsters leveraging advanced technologies like AI to create more convincing phishing schemes and synthetic identities. These methods are often used to gain access to mobile payment accounts. FAKE MOBILE APP UPDATES / CREATION: Scammers are increasingly targeting younger, tech-savvy individuals by creating fake updates for popular mobile payment apps. These fake updates trick users into entering sensitive information, which is then used for fraudulent transactions. FRAUD-AS-A-SERVICE (FaaS): This emerging trend involves fraudsters offering their services to other criminals, making it easier to carry out complex fraud schemes, including those targeting mobile payments. This has led to an increase in fraud volume and sophistication. DEEPFAKE TECHNOLOGY: AI-driven deepfakes are being used to impersonate account holders in customer service interactions, tricking agents into granting access to accounts or approving fraudulent transactions. #Bealert #Fraudtrend

How to prevent #UPI (Unified Payments Interface) #frauds in India: General Precautions 1. Use strong passwords and PINs for UPI apps. 2. Keep your mobile device and UPI apps updated. 3. Be cautious of phishing scams via SMS, email, or social media. 4. Never share OTP (One-Time Password), UPI PIN, or password with anyone. 5. Use two-factor authentication (2FA) whenever possible. Transaction-Specific Precautions 1. Verify recipient's UPI ID and name before sending money. 2. Double-check transaction amount and recipient details. 3. Use the 'Pay' option instead of 'Collect' to avoid reverse transactions. 4. Be wary of requests for money transfers from unknown persons. App-Specific Precautions 1. Download UPI apps from official app stores (Google Play Store/Apple App Store). 2. Use official UPI apps (e.g., BHIM, Google Pay, PhonePe) instead of third-party apps. 3. Set up app-specific PIN/password and keep it confidential. 4. Regularly review transaction history and report suspicious activity. Additional Tips 1. Register your mobile number with your bank to receive transaction alerts. 2. Set transaction limits to minimize potential losses. 3. Keep your UPI app notifications enabled. 4. Report any suspicious transactions to your bank's customer care. 5. Use UPI apps with robust security features (e.g., biometric authentication). 6. Can use different bank account with limited balance for UPI transactions. Common UPI Fraud Types 1. Phishing scams 2. Fake UPI apps 3. Social engineering attacks 4. SIM swapping scams 5. Malware-based attacks What to Do If You're a Victim 1. Immediately contact your bank's customer care. 2. Report the incident to local police. 3. Freeze your UPI account. 4. Change passwords and PINs. 5. Monitor your account activity closely. Helplines and Resources 1. National Cyber Crime Reporting Portal (cybercrime.gov.in) 2. RBI's Customer Care (1800 11 22 88) 3. Your bank's customer care 4. UPI app's customer support Stay vigilant and follow these guidelines to ensure safe UPI transactions.

Security Features: Mobile Payments Vs Credit Cards Let’s find out 🩺 Mobile push payment transactions offer several security advantages over traditional credit card transactions, although both methods have their own security measures. Here’s a comparison: Security Features of Mobile Push Payments: 1. Tokenization: - Mobile payments often use tokenization, which replaces sensitive card details with a unique token. This means that the actual card number is never shared with merchants, reducing the risk of fraud. 2. Biometric Authentication: - Many mobile payment apps require biometric authentication (fingerprint or facial recognition), adding an extra layer of security that is not typically available with credit card transactions. 3. Two-Factor Authentication: - Mobile payment services often implement two-factor authentication (2FA), requiring users to verify their identity through multiple methods. 4. Encryption: - Data transmitted during a mobile transaction is usually encrypted, making it difficult for hackers to intercept sensitive information. 5. Limited Exposure: - Since mobile payments do not require users to share their credit card details with merchants, the exposure of sensitive information is minimized. Security Features of Credit Cards: 1. Fraud Protection: - Most credit card companies offer robust fraud protection policies, often covering unauthorized transactions if reported promptly. 2. EMV Chips: - Credit cards equipped with EMV chips provide better security for in-person transactions, making it harder for criminals to clone cards. 3. Monitoring: - Credit card companies monitor transactions for suspicious activity and may alert users in real-time. —————————————————————————————- Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 🔄] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁🦿 ] Nice story, Khaled. Next! [ 𝗹𝗶𝗸𝗲 👍]

Amid the festive season, online frauds have surged 20-25%, driven by increasingly sophisticated tactics powered by Artificial Intelligence. With mobile wallets, UPI payments, and online shopping hitting record levels, both users and platforms face heightened risks during this peak period. Recent statistics reveal a year-on-year rise in phishing attacks in India, especially during the festive season. Reference: https://lnkd.in/gPYMzNDt #UPIFraud #OnlineScam #FinTechRisX

With mobile banking gaining popularity across all age groups, it is projected to reach $7 billion by 2023. However, this growth does not come without risks. According to Mobile Banking Heists Report by the security company Zimperium, nearly 60% of fraudulent #banking transactions in 2023 were initiated via a mobile device infected by malware. As mobile fraud becomes increasingly prevalent, #banks must enhance their protective measures in order to protect consumers and maintain reputation. Financial institutions must implement advanced code protection to better match evolving threats. Furthermore, runtime threat visibility and on-device protection mechanisms must be prioritized to improve detection and response time. Consumers also have to be reminded of the role they play in safeguarding their own personal data. The most straightforward rule to remember is to be cautious when downloading apps from third-party stores. By installing apps that could potentially be infected with malware, you risk giving control over you device to criminals. 

Authorized Push Payment (APP) Fraud: An Escalating Threat APP fraud is rising as real-time payments and #P2P apps grow in popularity globally. Consumers love the convenience of apps like #Zelle, Venmo, and Cash App, while countries are rolling out Real-Time Payments (#RTP) networks like #India’s #UPI, #Brazil’s Pix, and the #US.'s recent #FedNow. However, this shift has also opened the door to new risks. With annual payment volumes climbing, the need for robust anti-fraud measures also exists. Fraud prevention and security providers are actively expanding their solutions to help fight back. Key anti-fraud approaches include: - Behavioral Analysis & Device Intelligence: Using #AI to detect unusual behavior and identify fraud in real-time. - Mule Account Detection: Identifying accounts that could be used for fraudulent transactions. - Real-Time Transaction Monitoring: Monitoring transactions live to detect and prevent fraud as it happens. - Fraud Prevention Across Transaction Lifecycle: Safeguarding customers from account creation to transaction completion, including account takeovers. Fraud prevention providers, including major names like Visa, LexisNexis, and BioCatch, along with domestic players, are increasingly collaborating to enhance these solutions. As APP fraud evolves, so must our strategies to combat it. Thank you Flagship Advisory Partners Resource: https://lnkd.in/gwvUe9sH #finance #payments #fraudprevention #realtimepayments #digitalsecurity #APP #cybersecurity #fintech

🌐 Infobip: Leading the Fight Against Messaging Fraud with Omnichannel Firewall and Central Messaging Platform 🌐 As the digital landscape evolves, fraud in the messaging ecosystem continues to pose significant challenges for both mobile network operators (MNOs) and enterprises. At Infobip, we are at the forefront of addressing these threats with a multi-layered approach. Our Omnichannel Firewall, an on-premise solution deployed at the MNO level, provides robust protection by filtering out fraudulent and spam messages before they even reach mobile networks. This ensures that telcos can safeguard their infrastructure from malicious traffic and reduce fraud attempts. In addition to this, Infobip’s central messaging platform incorporates advanced spam filters that further protect enterprises from fraudulent activities, such as artificially inflated traffic (AIT) and SMS pumping. These filters ensure that only legitimate messages are delivered, offering an additional layer of security for businesses communicating with their customers. By leveraging these solutions alongside the power of Network APIs, we are able to holistically respond to the rise in global fraud cases, ensuring both telcos and enterprises remain protected in an increasingly connected world. 🔒 Together, we are building a safer, more secure messaging ecosystem. #DigitalTransformation #FraudPrevention #MessagingSecurity #Infobip #OmnichannelFirewall #NetworkAPIs #SMSFraudProtection

In re 'ToxicPanda' as reported by security firm Cleafy: This banking Trojan campaign, which targets Android devices via malicious app downloads, excels at on-device fraud. Meaning simply that a victim's device is conducting all of the fraudulent transactions. Good luck in successfully getting your bank to reimburse you for account losses that occurred from your device, using your IP address, using one time passcodes sent to your device. While the criminal activity appears to be primarily in Europe and Latin America - there have been several victim hot spots in the USA. Looking at the map in the blog article, those spots appear to be in the NYC, LA, Houston areas. (The Toronto area also seems to be a victim hot spot.) Excerpt from the Cleafy blog article: "The malware’s key features include: - Accessibility Service Abuse: By exploiting Android's accessibility services, ToxicPanda can grant elevated permissions, manipulate user inputs, and capture data from other apps, making it particularly effective in targeting banking applications. - Remote Control Capabilities: ToxicPanda enables remote control of the infected device, allowing attackers to perform various actions, including initiating transactions and modifying account settings without the user's knowledge. With these capabilities, ToxicPanda can enable TAs to perform the On-Device Fraud (ODF) scenario, one of the most dangerous types of banking fraud. - Interception of One-Time Passwords (OTPs): it can intercept OTPs sent via SMS or generated by authenticator apps, allowing cybercriminals to bypass 2FA and authorise fraudulent transactions. - Usage of Obfuscation Techniques: ToxicPanda continually evolves its obfuscation methods to avoid detection. It uses code-hiding techniques to make it difficult for security researchers to analyse the malware." Link to blog article: https://lnkd.in/eemHp5mZ #cybersecurity #cybersecurityawareness #informationsecurity #cybercrime #cyberattack #socialengineering #fraudprevention #fraudawareness #scampreventiion #scamawareness #android

The One Time Passcode (OTPs) is facing its demise - at least in Singapore's banking sector. OTP bots - which call you incessantly to get you to reveral your OTP code - are available for as little as $100. Is that I'm getting spammed all day long?!?!? 📞 If you're an enterprise seeking an alternative to OTPs without the need for a complete overhaul or significant expenses, consider connecting with Cyphlens. Learn more about this innovative solution here: www.cyphlens.com. #Singapore #Banking #Cybersecurity #OTP #Cyphlens #Technology #SecuritySolution