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Modernization of payment infrastructures will reveal potential new vulnerabilities

 An increasing number of central banks and fintechs are defying tradition and exploring new ways to send funds, settle payments and share information. Real-time payments, digital currencies and Open Banking support innovations compatible with the expectations of consumers versed in digital and will help drive digital commerce in the coming decades. On the other hand, faster payments open up opportunities for faster fraud; in addition, we must not forget data privacy when sharing information.

Fintechs and Central Banks need to put in place mechanisms capable of identifying atypical patterns that can signal fraud. It is also important that the principles of Open Banking and data sharing are used responsibly and ethically in all products, services and technologies. The volumes of real-time payments will continue to grow in 2021, digital currencies will continue to become popular and data and consumer privacy will remain one of the most discussed topics. And with that, industry players will continue to work together to address the newly revealed vulnerabilities.

Government agencies will implement stronger authentication measures after fraud losses in 2020

Fraud grew in the first phase of the US pandemic, in which fraudsters used stolen identities to cash out federal government benefits for vulnerable citizens affected by the pandemic. The potential loss could reach more than $ 26 billion across the country.

Government agencies must work to prevent further losses if new public stimuli are made available in 2021 - reviewing the processes and technologies used to verify the eligibility and distribution of benefits. Strengthening authentication capabilities to better assess whether or not people qualify for a public benefit should be a priority next year.

The Linux System Administrator will provide technical support to Netapps and Dell fire servers running XFS, NFS, CIFS as well as our SGI DMF backup systems.  The professionals have to take care of the large MySQL and Postgres databases along with saltstack and Jenkins. 

If agencies do not have the expertise to do this internally, they must turn to trusted payment partners. Financial institutions, payment networks and processors around the world need to prepare now to implement appropriate fraud prevention layers and strategies so that public benefits reach the real beneficiaries, not the fraudsters.

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