The proliferation of digital payment apps, QR-code payment services and buy-now-pay-later options are prompting a rising tide of fraud, experts warn.
“Criminals are like toxic smoke and they can seep through even the smallest opening,” said Jason Lane-Sellers, director of fraud and identity for LexisNexis Risk Solutions, a global provider of information-based analytics and decision tools.
The prevalence of the digital payment tools and digital wallets, Mr Lane-Sellers said, is creating an unprecedented “attack surface” that could leave users vulnerable.
Unlike scams that can appear in specific geographic areas, Mr Lane-Sellers warned that digital payment apps and cryptocurrencies were broadening the potential pool of financial victims around the world.
“This isn’t necessarily a regional issue as any organisation anywhere adopting digital-first technologies or providing financial services through digital platforms face risk. This is a global trend with certain markets at varying stages of this transformation,” he said.
Mr Lane-Sellers said that the ease of use and seemingly frictionless transaction capabilities of various apps can lull consumers into a false sense of security, but that simple, common sense approaches could help to blunt the increased prevalence of fraudsters.
“Consumers must exercise caution when making any transaction – this includes when they transfer money, open an account, change contact information within an account, and more,” he said.
“Safeguarding personal data is crucial to avoid becoming a victim of fraud. People should avoid sharing sensitive details and remember that if an offer seems too good to be true, it is likely a scam. Taking time to think and verify before making transactions and pausing again to double-check can help protect against these risks."
He said that the burden should not fall solely on the consumer.
“Banks and merchants should adopt the latest technologies and detection methods to prevent fraud … important to note that there’s no silver bullet to solve for fraud. Only an approach that has multiple defence layers can best ensure that fraudulent activity doesn’t slip though," Mr Lane-Sellers said.
According to the US Government Accountability Office, payment scams from the use of digital and alternative payment tools are on the rise, particularly under the guise of investment pitches.
“For example, financial losses from fake investment opportunities alone rose nearly 40 per cent from 2022 to 2023 with more than $4.57 billion in associated losses,” a 2024 GAO report read.
Mr Lane-Sellers is not alone in his worries about how increasingly beholden consumers are to digital payment systems.
“In a cashless society, you make yourself less resilient to your enemies because if everything is done cashless, and if your enemies hack into the banking system or the wire transfer system, they can take down the economy without ever firing a shot,” said Jay Zagorsky, the professor of markets, public policy and law at Boston University's Questrom School of Business.
“If nobody can spend money because the credit or debit card systems aren't working, how are we supposed to buy things? How are we supposed to live?”
Prof Zagorsky said with the demise of physical cash payment options, especially in recent years, he decided to write a book about his studies of physical currency. That book, The Power of Cash, lays out his push for continuing cash payments on several levels.
“A large number of studies have suggested that of all the payment methods, cash still tends to be the least costly,” he said. He said cash also makes it easier for those who want to be more disciplined with spending.
Prof Zagorsky said consumers have the power to reverse the alternative payments trend.
“Go to retailers and use some cash,” he said. "Using some cash every now and then tells the retailers they need to be able to handle cash, pure and simple.”
Ireland (15-1):
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
MORE ON IRAN'S PROXY WARS
THE NEW BATCH'S FOCUS SECTORS
AiFlux – renewables, oil and gas
DevisionX – manufacturing
Event Gates – security and manufacturing
Farmdar – agriculture
Farmin – smart cities
Greener Crop – agriculture
Ipera.ai – space digitisation
Lune Technologies – fibre-optics
Monak – delivery
NutzenTech – environment
Nybl – machine learning
Occicor – shelf management
Olymon Solutions – smart automation
Pivony – user-generated data
PowerDev – energy big data
Sav – finance
Searover – renewables
Swftbox – delivery
Trade Capital Partners – FinTech
Valorafutbol – sports and entertainment
Workfam – employee engagement
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Killing of Qassem Suleimani
F1 line ups in 2018
Mercedes-GP Lewis Hamilton and Valtteri Bottas; Ferrari Sebastian Vettel and Kimi Raikkonen; Red Bull Daniel Ricciardo and Max Verstappen; Force India Esteban Ocon and Sergio Perez; Renault Nico Hülkenberg and Carlos Sainz Jr; Williams Lance Stroll and Felipe Massa / Robert Kubica / Paul di Resta; McLaren Fernando Alonso and Stoffel Vandoorne; Toro Rosso TBA; Haas F1 Romain Grosjean and Kevin Magnussen; Sauber TBA
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The Dark Blue Winter Overcoat & Other Stories From the North
Edited and Introduced by Sjón and Ted Hodgkinson
Pushkin Press
THE SCORES
Ireland 125 all out
(20 overs; Stirling 72, Mustafa 4-18)
UAE 125 for 5
(17 overs, Mustafa 39, D’Silva 29, Usman 29)
UAE won by five wickets
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
