Online payments provider PayPal has revealed its counter-offensive against criminals who seek to take advantage of the COVID 19 pandemic, saying it is now actively working with law enforcement in Australia to identify and prevent opportunistic online crime.
Global online payment fraud is predicted to cause losses exceeding US$200 billion over the next five years, driven by the increased sophistication of fraud attempts and the rising number of attack vectors.
The average value of a fraud transaction in Australia decreased 31%, from $387 in the fourth quarter of 2018 to $267 in the first quarter this year, according to a newly released global risk intelligence report.
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Yes, it's an admission that they failed but not a full solution. More pressure will be required.
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