TECHNOLOGY
“THE PAYMENTS INDUSTRY IS NOT WITHOUT ITS WEAK SPOTS , AND IT IS CRUCIAL TO IDENTIFY AND ADDRESS THEM TO ENSURE THE SECURITY AND EFFICIENCY OF THE PAYMENT SYSTEM ”
ANDREW NOVOSELSKY CPO , SUMSUB
“ The payments infrastructure designed for one channel does not necessarily translate well to others ,” Neeson says , “ and fraudsters are adept at switching targets as new opportunities open up . In the same way chip-and-PIN did not protect card users from online payment fraud , a shift in channel can open up new potential weak spots where existing protections ( including regulatory requirements ) are not adequate .
“ Regulators are constantly battling with fast-changing technologies and consumer habits . In reality , regulators tend to be behind the curve on this and only tend to intervene when a particular market starts to mature and potential detriment can be identified .
“ Buy-now-pay-later is probably a good example of this : in many countries , it sits outside of existing consumer credit regulations . As the market has matured , several countries have begun to bring it into regulatory scope .” fintechmagazine . com 79