April 26, 2024 at 01:07AM
The PCI Security Standards Council is expanding its role to the Middle East in response to the rising volume of card-based payments and payment-card fraud in the region. With a focus on improving security, the council will collaborate with organizations involved in the payment ecosystem. These efforts come amidst a changing payment industry landscape and the growing preference for digital wallets over traditional cards in the Middle East. Cybersecurity education and technology are being prioritized to address the increasing fraud risks.
Key Takeaways from Meeting Notes:
1. The Payment Card Industry (PCI) Security Standards Council plans to extend its role to the Middle East, given the increasing volume of card-based payments and the rise in payment-card fraud in the region.
2. A regional director has been assigned to the Middle East to collaborate with regulators, banking and financial institutions, and service providers to enhance the security of card transactions in the region.
3. The global card fraud volume is projected to reach $36 billion in 2024, with a decline in the fraud share in comparison to transaction volume to 6.5 cents per $100.
4. The PCI SSC aims to closely engage with organizations involved in Middle East payment ecosystem, focusing on security, in response to the escalating cyber threats such as malware, ransomware, and phishing attempts.
5. The payments industry is expected to grow at an annual rate of 6.2% through 2027, with alternative payment methods gaining traction, accounting for over $11 trillion in 2023 and projected to grow at twice the rate of card-based payments by 2023.
6. Concerns about financial fraud and cybersecurity risks are rising in the Middle East, particularly as the preference for digital wallets over traditional cards grows among consumers.
7. The PCI SSC has introduced a mobile payments standard, PCI Mobile Payments on COTS (MPoC), to address emerging technologies and the increasing popularity of mobile payments and contactless transactions.
8. Efforts to prevent payments fraud in the Middle East and Africa (MEA) region include initiatives such as the Tazama Project’s antifraud platform and Network International’s adoption of Mastercard’s AI-powered fraud-prevention solution.
9. Organizations are urged to prioritize data security and invest in cybersecurity, including training employees and enhancing cyber hygiene, to mitigate fraud risks.
10. While emerging technologies like generative AI pose both risks and opportunities for payment security, a significant proportion of business executives plan to invest in antifraud technology and increase their cybersecurity budgets to address these risks.
These takeaways should be further developed and shared with key stakeholders for action and awareness.