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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.

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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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ABB E-mobility Delivers Its Millionth EV Charger

Continued growth has been facilitated by doubling production capacity after the launch of the company’s new DC fast charger facility in Valdarno, Italy.

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abb e-mobility delivers its millionth ev charger
ABB

ABB is a leader in electrification and automation solutions and has just announced the delivery of its millionth electric vehicle charger — the latest milestone in the company’s ongoing mission to create an emission-free future using smart and reliable EV charging solutions.

ABB currently boasts a presence in over 85 markets. After the launch of the company’s new $30 million, 16,000 squared meter production facility in Valdarno, Italy, production capacity has doubled over the last two years. The cutting-edge manufacturing plant recently set a new benchmark for the EV sector, producing a fast charger unit every 20 minutes, thanks to the high-tech factory’s seven simultaneous production lines.

abb e-mobility ev charger factory

“While our continual investment in research and development shows our ongoing commitment to enhance the field of e-mobility, the global delivery of these solutions at scale is integral to the realization of our goals. I want to thank our customers globally for their continued collaboration in hitting this one millionth charger milestone. I look forward to the millions yet to come, and to the cleaner, greener world they will help create,” says Frank Mühlon, ABB E-mobility CEO.

In the United Arab Emirates, ABB has installed over 80 fast and high-power DC charging stations, making it one of the largest projects from a single brand in the region. The biggest station is in Yas, Abu Dhabi, and offers 20 DC fast and high-power chargers for owners of emissions-free vehicles.

Also Read: Best Video Streaming Services In The Middle East

“We are proud that ABB chargers are today powering electric vehicles across strategic locations in the country, including the sites of the Dubai Utility provider, DEWA, and Abu Dhabi National Oil Company. Most of the car manufacturers and dealers in the UAE have ABB chargers in their showrooms and as well as car parking areas. We are confident ABB’s technical know-how, products, and research in the field of E-Mobility will continue to support the decision-makers in the Middle East to drive the transition to an emission-free future,” says Ahmed Abdu, E-mobility division lead, MENA region.

In addition to its Italian facility, ABB E-mobility has continued its global expansion. Earlier this month, the company announced a new United States facility that will eventually turn out over 10,000 chargers per year for the public sector, providing power to school buses and other fleets. As well as expansion into the USA, ABB E-mobility’s stake in Chinese charging provider, Chargedot, opens up another lucrative market for the EV charging giant.

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