The pandemic, as well as users’ personal preferences, have helped enable the rapid emergence of digital payment applications and digital wallets, which compete with credit cards and cash as preferred payment options.
The growing popularity of digital wallets such as Google Pay, Samsung Pay and Apple Pay is making them a bigger target for malicious actors, according to a report from security analytics software specialist Cognyte.
The study, which collected and analyzed threat actors’ conversations about digital wallets from 2016 through 2020, found the number of threat actors’ interactions around the topic almost doubled from 2017 to 2018.
By 2019, this number grew by 456%, reaching 31,878 interactions and by 2020 it grew by another 292%, reaching 96,363 interactions.
Increase in Popularity and Threats
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