Cybercrime is one of the fastest-growing threats to businesses today. With phishing being the FBI’s top-reported scam[1] and the high-value vulnerability of payment fraud, attackers are finding more sophisticated ways to exploit organizations of all sizes. The good news is that protecting your company doesn’t always start with expensive technology. Often, the most effective defense lies in empowering your people and ensuring your digital payment systems are secure.
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Payment-related malware and e-skimming continues to rise. Whether payments are processed online, in-store or through mobile platforms, fraudsters are constantly looking for vulnerabilities. With this ongoing threat, it is important to have secured digital payments platform in place. Outdated software, weak authentication and unsecured networks can expose sensitive financial data.
Cybercrime is constantly evolving. Attacks are not one-and-done. A recent 41% increase in ransomware and data breach incidents[2] has proven that criminals adapt quickly, creating new schemes to bypass existing defenses. Businesses should treat cybersecurity as a continuous commitment, not a one-time expense.
Social engineering is a growing threat. Cybercriminals increasingly use deception to manipulate employees into revealing sensitive information or granting unauthorized access. These attacks often bypass technical safeguards by targeting human trust — making ongoing employee vigilance and training essential to your company’s security posture.
The cost of inaction is steep. Beyond financial loss, a cyberattack can damage customer trust, trigger regulatory fines and harm your company’s reputation. Preventative steps are far less costly than recovering from a breach.
Employees are the first line of defense. Human error continues to account for 95% of cybersecurity breaches[3] due to weak passwords, phishing attacks, misconfigured security settings and accidental transferring of sensitive information.
“The strongest defense doesn’t start with software – it starts with people,” said Lara Barrineau, Head of PNC Corporate & Institutional Banking Client Relationship Management. “Training frontline staff to recognize phishing attempts, securing third-party access, and fostering a culture of cyber awareness are just as critical as firewalls and tokenization. Your employees are your first – and often best – line of defense.”
Ways Businesses Can Prepare
Invest in employee education. Train staff regularly to recognize phishing attempts, suspicious links and fraudulent requests. With a 16% increase in detected scams over the past year[4], it is important to encourage a culture where employees feel comfortable reporting potential threats without fear of blame. Ongoing refreshers are essential—cybersecurity training should never be “one and done.”
Strengthen payment security. Adopt payment technologies such as tokenization and end-to-end encryption. Enable multifactor authentication (MFA) for all systems that handle financial transactions. Regularly update payment software and patch vulnerabilities as soon as fixes become available.
Establish clear policies and procedures. Create protocols for verifying payment requests, especially those involving large dollar amounts or changes in vendor banking details. Simple checks, like calling a vendor directly before processing unusual transfers, can prevent costly fraud.
Conduct regular risk assessments. Periodically review your digital payment systems and internal processes to identify gaps. Proactive evaluations help businesses stay ahead of emerging threats. Consult and partner with your merchant processer, like PNC Merchant Services, to make sure you are aware of potential solutions and are ready if/when they occur.
“Cybersecurity isn’t just an IT issue anymore — it’s a business continuity issue,” said Barrineau. “Every merchant, regardless of size, should treat cybersecurity the same way they treat financial planning: proactively, strategically, and with the future in mind. The risks evolve daily, but so do the tools and knowledge available to stay ahead of the threat.”
By combining employee education with robust payment security, businesses can significantly reduce the risk of falling victim to cybercrime in an increasingly digital world.
