Payment Security Has Never Been More Important | Pay It Forward With Nord Security

Payments and privacy go hand in hand so it was great to speak to one of the leading names in online privacy, Nord Security.

In this episode of the Pay It Forward with payabl. we spoke to Kestas Saulis from Nord Security to find out the growing scale of payment fraud and the use of VPNs for protecting the customer. Saulis also covers trends in the payments industry, such as ongoing research into Central Bank Digital Currencies (CBDCs) and Nord’s commitment to enhancing payment security.

Saulis, who is responsible for global payment strategies and fraud prevention, talks about the importance of customer vigilance around their online activities, especially regarding private and payment information. There is some great advice here about bolstering your personal security online which for example includes using VPNs on public Wi-Fi networks to protect online banking activities.

VPN’s have been steadily increasing in popularity over the last decade as users seek ways of protecting their online activity and democratizing access to content. In the UK, 42% of internet users use VPNs for personal or business purposes. And 39% of those are using them for enhanced online privacy.

Saulis goes on to explain the benefits of VPNs and describes how they work. Of course, Nord VPN, which was recently ranked as the best VPN for speed by CNET, offers additional services like threat protection, which scans for malware and blocks malicious websites, and a dark web monitoring tool that alerts users if their credentials are exposed.

Is it time we all went off grid?

This leads perfectly on to a number of other topics discussed in this episode, which took place in the payabl booth at MPE 2024. Discussing the scale of payment fraud in the EU, Saulis shares findings from a study that examined data from eight major darknet marketplaces. The study revealed the sheer amount of personal information that had been compromised such as emails, social security numbers, addresses, and phone numbers. Notably, 60% of the compromised cards in the study were US-issued.

He also discusses trends in the payments industry such as new payment options in various markets and the importance of analyzing checkout processes to understand popular payment methods. Regarding customer preferences in this area, Saulis notes that while Nord Security’s customers have similar demands to those in other industries, there are some differences, and tech-savvy users often request specific cryptocurrencies for payment, including niche ones. The use of VPNs often goes hand in hand with people who want to be off the grid in other ways.

On the topic of Central Bank Digital Currencies (CBDCs), Saulis highlights that many markets are still in the research phase, with the EU in a multi-year preparation phase. Nord Security keeps abreast of developments but anticipates that CBDCs will coexist with traditional cryptocurrencies rather than disrupt them.

Saulis also discusses Nord Security’s collaboration with other organizations to share knowledge and experience. They conduct A/B testing and experiments to enhance the user journey and stay up-to-date with the latest trends. He acknowledges the hard work required to maintain a secure and cutting-edge payment experience.

Saulis also affirms Nord Security’s commitment to providing secure and innovative payment solutions through continuous improvement and collaboration to share knowledge and experience. It’s a must listen conversation and addition to our Pay it Forward series.