MiCA Slashes Crypto Fraud by over 50%

There has been a shift in fraud away from the
cryptocurrency space, with a decline of 51% in attacks, thanks to the Market in Crypto Asset (MiCA) regulation. With fraudsters
finding it increasingly challenging to operate in the crypto market due to
regulatory measures, their focus has turned to exploiting vulnerabilities in
the payments sector.

The global identity intelligence company
headquartered in Israel, AU10TIX, recently released a report about the state of the global fraud identity for the third quarter of 2023. This report delved into the ramifications of the MiCA, emphasizing enhanced investor protection.

Moreover, it unveiled how regulatory crackdowns in
the crypto space are redirecting fraud efforts toward the payments sector.
The report detailed a 56% surge in fraud in the payments sector,
driven by factors like increased digital transaction volumes in the Asia Pacific (APAC) region and the economic recovery in North America.

Ofer Friedman, AU10TIX’s Chief Business Development
Officer, mentioned: “Organized crime groups are exploiting gaps in
detection technology to orchestrate financial fraud on a massive level
simultaneously across multiple businesses and geographies. Actual fraud rates
are multiple times higher than reported.”

Meanwhile, in the APAC region, the rise in digital transactions, coupled with their complexity due to diverse economies and cross-border transactions, creates difficulties in verifying identities. In the payments
Payments

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term sector, North America faces significant challenges, a scenario that presents potential loopholes for fraudsters.