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Callsign Predicts Widespread Fraud As We Approach 2023
Experts have made five predictions for the new year based on conversations with customers in the private and public sectors.
Digital trust and security experts, Callsign, have just released their predictions for 2023 in relation to fraud. The company has listed several emerging trends that will affect banks, telecommunication companies, social media, and eCommerce platforms. Here’s a summary of their top five predictions:
Dormant Account Takeovers Will Increase
Callsign’s first prediction is that dormant bank accounts — where consumers have not used a service for an extended period — will increasingly be utilized by fraudsters to launder illegal money.
Once a dormant account has been taken over, scammers will likely use deceptive social media adverts and phishing to trick unsuspecting members of the public into sending money.
Buy Now, Pay Later Fraud Will Rise
Buy now, pay later (BNPL) is already very popular in the Middle East, and will only continue to grow over the coming years. Unfortunately, the BNPL market isn’t yet as well regulated as other financial sectors, which can often mean neglected security protocols.
Callsign predicts that there will be a sharp rise in BNPL fraud in 2023, with businesses being exposed to various types of refund scams and more accounts will be opened using stolen or fake credentials.
Deep Fake Technology Will Become More Sophisticated
Although deep fake videos of celebrities make for interesting viewing, the technology does have a much darker side. Callsign reports that scammers are already using the technology to convince consumers to part with their cash, utilizing a mixture of visual identification and impersonation.
Fraud Will Enter The Metaverse
Web 3.0 is being heralded as a way to enable seamless connectivity across platforms and networks, with the potential to allow deeper collaborations and new opportunities for business and learning. As great as all of that sounds, the metaverse will undoubtedly suffer from many of the same issues currently plaguing the regular internet, including fake avatars, scams, and fraud.
Callsign thinks that 2023 will be the first year where widespread criminality makes its way onto Web 3.0, and depressingly, believes that “everything wrong from a security perspective with social platforms today will be considerably worse in the metaverse of tomorrow.”
A New Cycle Of Victims Will Emerge
According to Callsign’s Digital Trust report, Middle Eastern consumers tend to have higher levels of digital trust than those in other regions. That means that despite digital fraud being widespread for decades, 2023 will see a whole new segment of the global population falling victim to scams as greater numbers of people take their work, finance, and social lives online.
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Checkout.com Set To Launch Card Issuing In The UAE
The payment service provider’s expansion is a first-of-its-kind investment and could reshape digital transactions across the region.
Checkout.com is laying the groundwork to become the first global payments platform to introduce card issuing in the United Arab Emirates — a move that could reshape how businesses in the region manage financial transactions.
The company plans to roll out its domestic card issuance offering in the UAE by 2026, subject to regulatory approval. The launch would give businesses the tools to issue both physical and virtual branded cards. This, in turn, opens up new ways to reward customers, streamline expense processes, and handle B2B payouts efficiently.
Checkout.com’s CEO and Founder, Guillaume Pousaz, revealed the plans during Thrive Abu Dhabi, the firm’s debut conference in the Emirates. Joined on stage by Remo Giovanni Abbondandolo, General Manager for MENA, Pousaz presented to an audience of over 150 partners and merchants at Saadiyat Island. Also in attendance was H.E. Omar Sultan Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications.
Abbondandolo highlighted the strategic importance of the announcement: “As a global business, we focus on bringing products to markets that our customers want and need. Today’s announcement is proof of our commitment to the MENA region and its rising influence in the digital economy. The appetite for innovation here is real, and we’re proud to be building the infrastructure that powers it”.
One early adopter of Checkout.com’s UAE acquiring services is Headout, a travel experiences marketplace, which recently named the payment provider as its main partner in Europe. The company has already begun card issuing there and is keen to expand that offering into MENA once approval is granted.
The expansion of services in the UAE and beyond builds on Checkout.com’s track record in the region. It was the first global payments firm to secure a Retail Payment Services license from the UAE’s Central Bank and was instrumental in rolling out Mada and Apple Pay in both the UAE and Saudi Arabia.
Also Read: Protecting Your WhatsApp Account From Hackers: Kaspersky Expert Tips
The firm has also been rolling out new products: One of the latest is Flow Remember Me, currently in beta testing. It allows shoppers to store their card information once and access it across Checkout.com’s entire network, potentially cutting checkout times by up to 70%.
Earlier this year, Checkout.com also introduced Visa Direct’s Push-to-Card solution in the UAE, enabling both domestic and international payouts. Its collaboration with Mastercard has grown as well, making it easier for businesses to send funds directly to third-party cards securely and quickly.
With regional tech ambitions on the rise — spurred by initiatives like Saudi Arabia’s Vision 2030 and the UAE’s 2031 Agenda — Checkout.com sees its role as one of a key enabler. “Our mission is to help ambitious businesses navigate the complexity of payments, so they can move faster, go further, and make the most of every opportunity,” said Abbondandolo. “In MENA, performance is personal. It’s local. It’s built on trust. And when payments perform, businesses thrive”.
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