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For startups in fintech/payments space (otherwise too ofc), this should be a deafening wakeup call. Cutting corners on security and compliance is a death sentence in this environment. AI fraud detection, secure coding practices, and partnering with regulators/law enforcement has to be the top priority from day 1.

Damn, Just to put in context, $486B would be enough to fund global health initiatives, education, infrastructure and more in developing nations. The fact that criminal groups can siphon away that level of economic value is sickening. Fintech has to step up big time.

WOW.

The payments fraud stat (80% driven by banking trojans etc.) is especially worrying. That suggests deeply embedded, sophisticated malware and hacking tactics. Fraud has evolved well past simple card skimming or phishing. We need a new paradigm of secure payment infrastructure.

I assume that this is a recorded number but real number must be high. Whole industry & in somecases authorities are revolving each other so don't expect help in more.