Like businesses have embraced digitalization to evolve in the wake of COVID-19, fraudsters and scammers too are embracing digital technology to evolve the threat that they pose to businesses and the public, experts from Visa, Rizal Commercial Banking Corporation (RCBC), e-wallet BigPay, and cybersecurity firm OneSpan said during a virtual panel discussion.
“With the global pandemic, things are going online at a much faster rate than we would have,” said Chackan Lai, Vice President of Global Risk Advisory and Innovations at Visa in the US. “The e-commerce channel has accelerated tremendously over the past 12 months and plus. At Visa, on a global basis, about 54 % of our transaction volume is now via the e-commerce channel with only 46% in the face-to-face environment.”