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IndustryUpdate

RESEARCH

Cybersecurity incidents targeting SMBs decreased

The Identity Theft Resource Center published its second
annual report on the impacts of identity crimes and
cyberattacks on small businesses and solopreneurs—the
2022 Business Impact Report. The ITRC surveyed 447
small business owners, leaders and employees about
impacts of cybercrimes on SMBs. Generally, SMBs lost
less money due to cybercrime in the last year, with one
ANNOUNCEMENTS key exception: victims of social media account takeover.
Fifty percent of SMBs surveyed reported losing control
NMA suit against CBC continues of a social media account to a cybercriminal, with 87
percent of the victims losing revenue generated by the
National Merchants Association, a fintech company and account. Fewer respondents experienced a data breach
payments acquirer, released an update about its ongo- in the past year (23 percent), a two percentage point
ing suit against Commercial Bank of California in the decrease from 2021.
Superior Court of California, Los Angeles County. In
December 2021, NMA filed a seven-count suit against Open banking APIs offer monetization potential
said bank for alleged violations, including, inter alia, Considerable opportunities exist for banks to mon-
breach of written agreement, breach of covenant of good etize their APIs for both internal- and external-facing
faith and fair dealing, unjust enrichment, and unfair use cases, according to Mobey Forum's Open Banking
business practices. NMA is suing for $280 million. Expert Group. Based on a year-long study, the report,
Depositions are in progress, and a trial is scheduled for Monetisation of Open Banking APIs, leverages the open
February 2023.
banking experts' expertise across leading banks and
Nok Nok releases support for passkeys global institutions. Researchers determined that signifi-
cant new monetization opportunities exist; many are for
Nok Nok, a specialist in FIDO customer authentica- internally facing use cases. According to the report, the
tion (Fast IDentity Online) and a founder of the FIDO simplest business case is through direct monetization of
Alliance, now provides full support for passkeys, the premium APIs, which involves charging third parties
FIDO and key-based passwordless sign-in technology for use of a bank's APIs beyond standard free offerings.
standard for replacing passwords. By offering the same
safety and convenience for signing into online services NRF finds consumers willing to spend
as the trusted biometric authentication consumers use to
sign into their devices, FIDO passkeys offer consumers Consumers' willingness to spend has been "clearly
impacted by inflation" but their ability to spend has
modern, safe and fast access to all their online services
and in the future, to their in-home and IoT devices, and been supported by job growth, rising wages and tap-
ping into savings accumulated during the pandemic,
to their vehicles, Nok Nok stated, adding that its S3 Suite
provides privacy-compliant, passwordless authentica- according to the NRF's November 2022 Monthly Economic
Review. September consumer spending rose 0.6 percent
tion across platforms and operates in demanding con-
sumer environments, at global scale. from August, which underscored that "demand remains
strong and can be expected to continue," researchers
Quisitive rebrands LedgerPay as PayiQ found. "Despite record levels of inflation, rising interest
rates and low levels of confidence, consumers have been
Quisitive Technology Solutions Inc., a Microsoft solu- steadfast in their spending and remain in the driver's
tions and payments solutions provider, rebranded its seat," said NRF Chief Economist Jack Kleinhenz.
cloud-enabled payments solution platform, formerly
known as LedgerPay, as PayiQ. The new brand identity PARTNERSHIPS
defines PayiQ as a leading innovator in the payments
space, Quisitive stated. Simultaneous with the brand
launch, Quisitive developed a new website, pay-iq. DivideBuy, Salesforce to offer instant onboarding
com, which details the platform's value for merchants DivideBuy, a UK POS finance specialist, formed a part-
and resellers. PayiQ's cloud-enabled architecture aids nership with Salesforce, a cloud-based CRM platform,
in developing and deploying payments solutions that to offer instant onboarding for DivideBuy's merchants
remove friction and enable unique data insights for con- and partners. This partnership promises to break records
sumer engagement, Quisitive noted. in merchant onboarding times, accelerating the uptake
of POS finance among customers in more verticals,

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