By Norman Comstock, Managing Director, and Luke Nelson, Managing Director, Cybersecurity Solutions, UHY Consulting
With $54 trillion in payments flowing through the world’s leading transaction avenues, the payments space is truly exploding. Moreover, seemingly all stakeholders are buying into the space big time. For example, traditional banks are moving full speed ahead in fulfilling consumer expectations for instant and easy digital payments by rolling out new offerings. Policymakers are jumping onboard, since moving money faster means economies can expand. And merchants, neobanks, and fintechs are following the money and debuting a slew of new products as well. That said, cybercriminals are also looking to get in on the act in a big way.