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Merchant losses to online payment fraud to hit $362 billion

MERCHANT losses from online payment fraud will exceed $362 billion globally from 2023 to 2028, according to a study by United Kingdom-based Juniper Research. The analyst firm noted that the forecast includes fraudulent transaction value for airline eTicketing, remote digital goods, remote physical goods, money transfer and digital banking, as…

Careem enters FinTech with digital wallet, peer-to-peer transfers

Careem enters FinTech with digital wallet, peer-to-peer transfers
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MasterCard to use quantum-resistant technology to protect contactless payments

SHARE Payments company MasterCard has begun to apply the latest quantum-resistant technology to protect contactless payments from cyber threats linked to quantum computing. Experts worry that the quantum computers, a new type of technology, could compromise the encryption present in payment channels and cards used online. Quantum-resistant technology is designed to defend businesses and confidential user data from such attacks. Although current quantum computers are limited in their capabilities and cannot be used for such breaches, things could be different in future. Called Enhanced Contactless, or Ecos, MasterCard said the new technology is an “industry first”. “2020 brought with it a rapid acceleration of digitisation and reinforced the importance of digital solutions such as contactless to help meet our everyday needs,” said Ajay Bhalla, president of cyber security and intelligence at Mastercard.

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