Industrial cybersecurity company Claroty has opened a regional headquarters office in Singapore, further establishing its presence in the Asia-Pacific region.
Global application development company OutSystems and Deloitte Consulting have expanded their 13-year alliance to include a Center of Excellence (COE) focused on providing cloud-based industry solutions utilising Amazon Web Services (AWS) on a global scale.
COMPANY NEWS: Visualisation and collaboration specialist Barco introduces its new IEX series narrow pixel pitch indoor LED video walls.
The Treasurer Josh Frydenberg will lead a lineup of corporate leaders, politicians, bankers and economists at global investment bank Citi’s virtual annual Australia and New Zealand Investment Conference later this month.
Global data management and analytics provider Cloudera has appointed 20 year sales maagement and SaaS veteran Robert Yue as its new Vice President and Managing Director for Australia and New Zealand (ANZ).
Cloud-native network detection and response provider ExtraHop more than doubled its business across the Asia Pacific region in the first half of 2021 - achieving record growth for the six months - according to the company’s latest financial report
Global employment platform provider Globalization Partners has forged a new partnership with Asia Pacific headquartered payroll, HCM and payment solutions company PayGroup as part of plans to pursue joint global expansion.
Australian-listed communications software and cloud infrastructure provider MNF Group has continued to grow recurring revenue on the back of “strong demand” from long-term customers in its global wholesale business.
Software for technology solution providers company ConnectWise has announced several new hires for roles across the APAC region as part of its focus on driving strategic alignment with partners in the Australian channel.
The retail sector became a top target for ransomware and data-theft extortion attacks during the pandemic in 2020, according to global cybersecurity company Sophos.
Canberra-based global technology provider for secure collaboration of sensitive information archTIS has launched a new global channel partner program.
Nearly twice as many companies had begun adopting artificial intelligence in 2020 compared to 2019, a sponsored study by Dataiku found out. The study also found that almost half of organisations investing in AI have implemented enterprise platforms to consolidate their resources.
Verifying Identity and Determining Transaction Origination are Common Challenges Across Australia, Hong Kong, Japan and India
GUEST RESEARCH: LexisNexis® Risk Solutions today released its 2021 True Cost of Fraud™ APAC Study covering the retail, ecommerce, financial services and lending sectors for Australia, Hong Kong, India and Japan. The study provides a snapshot of fraud trends in the Asia Pacific (APAC) region during the pandemic and spotlights key pain points for firms in relation to navigating new payment mechanisms, transacting through online and mobile channels and expanding internationally.
The cost of fraud for retail, ecommerce and financial institutions in the surveyed markets is high. The LexisNexis Fraud Multiplier™ – the total amount of loss a firm occurs based on the actual U.S. dollar value of a fraudulent transaction – shows the cost per transaction is $3.51 in Australia; $3.61 in Hong Kong, $3.87 in Japan and $3.84 in India. All four countries reported higher costs per transaction than the regional 2019 average that involved other APAC markets at $3.40.
A combination of factors is driving the high cost of fraud, including market events influencing the use of transaction channels/payment methods, the challenges that businesses face when assessing fraud with these transactions and the less than optimal approach that businesses take towards fraud detection, prevention and minimizing customer friction.
The report’s findings stem from a comprehensive survey of 418 risk and fraud executives in retail, ecommerce, financial services and lending companies in the APAC region in 2021.
Key findings from the LexisNexis Risk Solutions True Cost of Fraud APAC Report:
• Financial Institutions Tend to Have Higher Costs – Given the heavy account-based nature of their business and the need to repay fraud losses to customer accounts, financial institutions often employ more internal and external labor for investigation, detection and recovery. On average they spend $3.78 per transaction in Australia, $4.70 in Hong Kong, $4.46 in Japan and $4.76 in India.
• The Effect of the Pandemic – The pandemic has presented the same challenges to the Australian, Hong Kong, Japanese and Indian markets such as shutdowns, fear of in-person contact and fear of transmission, though the disruption was not equal. Each market saw a marked increase in the use of digital transactions and digital payment methods while cash and in-person payments dropped. However, Hong Kong and India changed more fundamentally as these markets have traditionally had more in-person and cash-driven transactions. Businesses in both markets needed to adapt quickly and many were unprepared from a fraud detection standpoint.
• Identity Verification Remains a Top Challenge – Common online and mobile channel challenges across markets included identity verification and determining transaction origination. The rise of synthetic identities was the most common source of identity verification issues. Ecommerce merchants indicated that transaction origination is more commonly cited as a challenge due to their limited use of solutions to capture device ID and geolocation. The rise of mobile and digital wallets as well as other contactless payment methods has created difficulty for many ecommerce merchants when assessing fraud risk related to these channels.
• Limited Use of Best-Practice Fraud Detection/Mitigation Approach – The use of digital/passive identity authentication solutions and transaction risk assessment solutions was limited in the Australia and Hong Kong markets. The number of organizations that integrated cybersecurity and/or digital customer experience with fraud operations was also limited in both markets. The ecommerce sector for the Hong Kong market is an outlier as it is fairly nascent and still in a development stage. This is primarily because Hong Kong, a highly developed territory, has enabled easy access to area businesses and in-person transactions have been much more common than those made online.
Cameron Church, director of fraud and identity, LexisNexis Risk Solutions, said, “As fraudsters become more sophisticated and their methods more complex, businesses need a robust fraud and security technology platform that helps them adapt to a changing environment, offering strong fraud management while maintaining a low-friction customer experience. A successful fraud detection and prevention approach involves an integration of technology, cybersecurity and digital experience programs to address unique risks from different transaction channels and payment methods.
“High fraud costs impact ecommerce merchants, retailers and financial institutions as they increase each year – even without the influence of COVID-19,” continued Church. “With sophisticated threats on the rise, taking a multi-layered solution approach has proven to be the most effective way to fight fraud across various channels and transaction types, as well as performing a more complete assessment that combines physical and digital identity data analysis. Using different solutions to support fraud detection at various points throughout the customer journey will strengthen a firm’s overall defense.”
About LexisNexis Risk Solutions LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
IT Security Leaders Are Held Most Responsible For Cyberattacks, Yet Lack the Influence Required to Shore Up Security Strategies
COMPANY NEWS: LogRhythm, the company powering today’s security operations centres (SOCs), today released its latest report, “Security and the C-Suite: Making Security Priorities Business Priorities.” The research, which focuses on the roles and responsibilities of cybersecurity leaders, found that more than half of organisations (55%) in Asia Pacific (APAC) have experienced a cyberattack in the last two years and spend an average of US$17 million each on security activities.
Australian property technology startup Propic has signed an exclusive partnership agreement with global real estate software provider MRI Software to introduce new conversational artificial intelligence (AI) technology to MRI property clients across Australia.
"The future of money is digital currency" – Bill Gates
"I can say with almost certainty that cryptocurrencies will come to a bad end" – Warren Buffett
GUEST OPINION by Helen Langton, CEO, Asia Pacific and Middle East, International Compliance Association: When such esteemed (and profitable) investors have such contrasting views about cryptocurrency, it is hard for the rest of us to say for certain if its influence is positive or malign. However, one thing is certain: it is here to stay. Cryptocurrency is no longer the plaything of criminals or confined to dark corners of the Web..
Loyalty and offers platform provider OpenSparkz has appointed Henrik Berglind to the position of Commercial Partnerships Lead.
More needs to be done to protect against application security threats, particularly newer threats like bot attacks, API attacks, and supply chain attacks, according to one global security firm.
8x8 Voice for Microsoft Teams App Adds SMS, MMS and Fax Capabilities to Teams; Provides Teams Users with More Digital Communication Channels for Employee and Customer Engagement.
COMPANY NEWS: Cloud communications platform provider 8X8 has announced that the new 8x8 Voice for Microsoft Teams app has added Short Message Service (SMS), Multimedia Messaging Service (MMS) and fax capabilities to further extend the Teams experience for users.
Communications software and cloud infrastructure provider Symbio Networks has undertaken a major brand update, including a new logo, to reflect what it says is the company’s Asia Pacific growth strategy and expanded product portfolio.
Sam, interesting article thank you :)Aside from whether those ransomware and cyberwarfare groups are merely posturing or are actually capable[…]
Anthony Albanese recently said he reckons Assange has been punished enough. I agree.IMO it’s time for his supporters to cease[…]
I guess we can safely assume they're mining and selling our personal data to others.It's your ABC, but not your[…]
I agree. Not much new in these devices these days, but there is a big market out there for the[…]
Copying Samsung, which also has a A3x, A5x, A7x, A9x line up at similar price points.