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More digital, more risk: Where is the trust?

December 10, 2020

Simon Keates Simon Keates | Head of Strategy and Payment Security at Thales More About This Author >

Thales Security Podcast 2

Consider the following: It is undeniable that more digitization means more risks. It is also undeniable that we are not going back to the way things were before the pandemic.

With that in mind, how would you answer the following question?

As we go forward with faster payments, and one-click engagements, what are the risks to both consumers and corporations?

In episode 2 of the Thales Security Sessions Podcasts, Neira Jones poses that exact question to myself and payment security industry expert Arthur Van der Merwe, the Security and Industry Compliance Manager at Australian Payments Network, as we both joined Neira in a discussion of this broad and difficult topic.

The speed of changes to transaction methods is unfamiliar to many consumers, and that newness exposes them to unknown scenarios that can be used for phishing and other attack vectors. For example, the acceleration of contactless transactions, brought about by the pandemic, are still a source of mystery and fascination to people, leading to speculation and doubt about the security. Similarly, restaurants and shops that use QR codes to display a menu on a person’s phone, or facilitate payments, are a great response to changing behavior healthcare professionals asked of us during the pandemic. But they do introduce a new threat vector, providing criminals with new methods to manipulate consumers due to the lack of familiarity of QR codes.

Many small businesses operating in the new pandemic model may not be equipped to securely transact web-based payments, which opens up another avenue of attack. What is the best, most attainable advice for these businesses?

Arthur and I offer some solid advice towards achieving security, both for a consumer, as well as a small business. We also expand into the area of how larger organizations can better operate in this new environment.

In these confusing, and often anxious times, the guidance offered in this podcast is a welcome and calming session of security therapy. I hope you enjoy listening to our Security Sessions podcast, Episode 2: More digital, more risk: where is the trust?