Kaspersky has released its annual Financial Threats Report for 2023, offering a detailed analysis of the evolving financial cyberthreat landscape.

The report reveals significant increases in mobile banking malware and cryptocurrency-related phishing, signaling growing threats to digital financial assets.

The previous 12-months has witnessed a substantial rise in the number of users encountering mobile banking Trojans, with attacks on Android users surging by 32% – contrary to 2022.

The most prevalent banking trojan was Bian.h, accounting for 22% of all Android attacks. Geographically, Afghanistan, Turkmenistan, and Tajikistan recorded the highest share of users encountering banking Trojans, with Turkiye leading mobile banking malware attacks, with almost 3% of users affected (2.98%).

While the number of users affected by financial PC malware saw an 11% decline in 2023, Ramnit and Zbot were identified as the predominant malware families, targeting more than 50% of affected users. Consumers continued to be the primary target, comprising 61.2% of all attacks.

In 2023, financial phishing remained a significant threat, accounting for 27.32% of all phishing attacks on corporate users and 30.68% on home users. E-shop brands were identified as the top lure, with 41.65% of financial phishing attempts.

Additionally, PayPal phishing represented 54.78% of phishing pages targeting electronic payment system users. The report also highlighted a 16% year-on-year growth in cryptocurrency phishing, with 5.84 million detections in 2023 compared to 5.04 million in 2022.

E-shop phishing was identified as the most prevalent, recording 41.65% of all financial phishing pages. Amazon emerged as the most mimicked online store, accounting for 34% of phishing attempts, followed by Apple at 18.66% and Netflix at 14.71%. PayPal was the most targeted payment system, with 54.73% of attacks.

Cryptocurrency-related phishing and scams continued to grow, with Kaspersky preventing 5,838,499 attempts to follow cryptocurrency-themed phishing links – a 16% increase on 2022. Scammers mimicked cryptocurrency exchanges and offered coins in the name of large enterprises like Apple.

“Money has always been a magnet for cybercriminals, and a substantial portion of malware attacks are financially motivated. The surge in mobile malware witnessed last year highlights a concerning trend in cybercrime.

“With the emergence of new and aggressive malware strains, attackers are evolving their tactics to target mobile devices more aggressively. This underscores the imperative for individuals and businesses to maintain heightened vigilance, update protective measures, and fortify device security accordingly,” commented Igor Golovin, a security expert at Kaspersky.

The African e-commerce market grossed USD 277.1 billion in 2023 and is projected to reach USD 939.8 billion in 2023. However, with a global cart abandonment rate of 70%, many of which are related to payment issues, there is a clear need for ecommerce businesses in Nigeria and beyond to provide seamless and efficient transactions to increase their revenue and scale. An effective payment solution for e-commerce businesses is payment link integration.

Payment link integration emerges as a powerful tool for e-commerce businesses to facilitate payment in a convenient and streamlined way. This SeerBit article delves into what a payment link is, how it works, and its benefits for your ecommerce business.

What Is a Payment Link?

A payment link is a unique, shareable URL that directs the customer to a secure payment page where they can make payment for their purchase. This method ensures a seamless and streamlined payment process for customers, particularly removing the need for a physical card or a card terminal. A business can generate this link for any specific transaction and send it directly to the customer through one of several possible channels (email, social media, SMS, etc.).

Payment links make payments convenient for both businesses and customers. Even e-commerce businesses without a website can receive payments online with a payment link. For e-commerce businesses with websites, online payment link integration allows them to boost sales by selling their products on other platforms beyond the business’ website.

Here’s How Your E-commerce Business Benefits from Payment Link Integration
Implementing payment links in your e-commerce setup can offer several advantages that streamline the purchasing process for you and your customers. Here are some reasons why you should integrate payment links for your e-commerce business:

Customer Experience and Convenience
Payment links provide a convenient way for customers to complete transactions without having to navigate through a complex checkout process. This improves the customer experience during shopping as they can pay with ease. With just a click on the payment link, customers can quickly and easily make a purchase, reducing the likelihood of cart abandonment.

Flexibility
Payment links offer your business flexibility in receiving payments, as they can be customised for different types of transactions. It supports multiple payment methods, such as credit/debit cards, digital wallets, bank transfers, etc., allowing you to cater to your customer’s preferred payment method. Consequently, you have more successful transactions and an increased customer satisfaction level.

Improved Cash Flow
With payment links, the speed and efficiency of payments increase. Consequently, this helps to improve your business’s cash flow. The accompanying ease of payments also means that customers are more willing to part with their money, thereby boosting your bottom line.

Security
Payment links are typically hosted on secure payment gateways, ensuring the safety of sensitive customer information during transactions. By leveraging trusted payment providers and encryption technologies, you can instil confidence in your customers and protect their data from unauthorised access.

Reduces Payment Processing Error
Payment link ensures efficiency in the payment process, leaving little room for processing errors. It also ensures that customers don’t have to manually type in their payment information, hence cutting out the risks of human errors, such as wrong billing address or credit card information in the payment process.

Mobile-friendly
As mobile commerce continues to grow, having a mobile-friendly payment solution is crucial. Payment links are inherently mobile-friendly, allowing customers to complete transactions directly from their smartphones, whether they’re on the go or at home.

Tracking and Analytics
Payment links often come with built-in tracking and analytics features that provide valuable insights into customer behaviour, transaction trends, and sales performance. By analysing this data, you can make informed decisions to optimise your ecommerce strategy and maximise revenue.

How To Create a Payment Link for Online Payment
Creating a payment link to receive online payment involves the following steps:

Choose a payment gateway provider
The first step is to partner with a reliable payment gateway like SeerBit that offers payment links as part of its service. Read our blog post on what to consider when choosing a payment provider to help you make the right choice. A few factors to consider are your business needs, security, compatibility, and pricing structure. SeerBit easily checks all the boxes.

Create a SeerBit account
Once you’ve decided on SeerBit as your payment gateway provider, the next thing is to create your SeerBit account. This is a straightforward process that involves providing your business’ information and completing the KYC process for compliance.

Access and set up the payment link feature
SeerBit offers payment links as a part of its service. Once you’re logged in, you can create a payment link in your dashboard which you send to your customers. This link works for both one-time and recurring payments.

To set up your payment link, go to “Payments” on your dashboard, click on “Payment Links,” then “Create Payment Link” and fill in the required details. A link will be created afterward which you can send to your customer via email, messenger apps, social media, invoice, or QR code.

Conclusion
By integrating payment links into your ecommerce business, you make payments very convenient for your customers and considerably improve your customer satisfaction. SeerBit payment link offers you an easy payment collection process while allowing you to cater to your customers’ payment needs. SeerBit also uses the best security tools and the latest encryption and tokenization technologies to ensure the security of transactions and customer payment information.

Integrated System and Devices Limited (ISDL), a major provider of electronic security solutions, is delighted to announce the successful attainment of ISO 14001:2015 and ISO 45001:2018 certifications following a rigorous audit process conducted by Bureau Veritas Certification Holdings SAS-UK Branch.

In 2021, ISDL bagged the Quality management systems ISO 9001:2015, and now in 2024, with unwavering dedication to customer satisfaction, the occupational Health and Safety system ISO 45001:2018 and the Environmental management system ISO 14001:2015 have been consolidated to form an Integrated Management System.

These certifications, covering ISDL’s headquarters and branches, signify the company’s unwavering commitment to upholding the highest standards of quality management across all facets of its operations.

According to Oluseun Mabogunje, managing director of ISDL, the scope of the certifications encompasses the design, procurement, supply, installation, integration, maintenance, and after-sales support of various electronic security and Extra Low Voltage (ELV) equipment.

Mabogunje expressed his elation at receiving the IMS certifications, emphasizing ISDL’s dedication to delivering exceptional quality and service to its clientele. He emphasized that this achievement underscores the company’s ongoing pursuit of continuous improvement and customer satisfaction.