FEATURE : NETWORK SECURITY increasing the need for companies to accelerate preventative measures to stay ahead of sophisticated criminal activity ,” said Shanker Ramamurthy , Managing Partner , Global Banking and Financial Markets , IBM .
“ As the global economy ’ s evolution toward a cashless society continues at breakneck speed , banks and other financial institutions must continue to invest in modernizing their infrastructure and bolstering critical talent to meet the challenges they face from bad actors .”
Global financial impact
According to the report , when it comes to fraud on a global scale , American citizens are the most frequent victims of debit card fraud of all the countries surveyed . Americans also registered a large percentage of instances when it comes to being victims of credit card fraud , banking fraud or digital payment fraud , when respondents were asked about their experiences using digital payment apps including PayPal , Venmo and Square .
NEARLY A THIRD ( 31 %) IN BRAZIL HAVE EXPERIENCED CREDIT
CARD FRAUD .
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