Because many IoT devices are designed to focus on productivity and efficiency as a priority, many IoT devices are not built with security in mind. This has led to an expansive ecosystem of potential vulnerabilities, with many industries now trying to play catch up regarding security. Therefore, the benefits to both businesses and end users can quickly become redundant if proper IoT security practices are not put in place.
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According to The Nilson Report, card fraud is expected to have cost the global economy a staggering $32.04 billion in 2021 and gross losses from card fraud are set to reach $38.5 billion worldwide by 2027.
To deal with this problem, banks, card companies, and payment gateways have been strengthening security by requiring two-factor authentication (2FA) such as PIN code, biometric authentication, and short message service (SMS) to close the payment, or by notifying the cardholder of approval details by text message.
Nevertheless, the risk of card duplication or sniffing attacks occurring during near field communication (NFC) is still ongoing.
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