Darryl Cumming , Director of Product Management at NMI , and Scott Talbott , SVP at ETA , outline how payment providers can prepare for increased liability
NMI
Darryl Cumming , Director of Product Management at NMI , and Scott Talbott , SVP at ETA , outline how payment providers can prepare for increased liability
With a wave of new regulations coming in from Washington DC , the businesses of ISOs , merchants and other leading payments providers stand to incur an extensive impact on their operations .
These shifts require providers to not only examine the latest fraud detection opportunities in far greater depth , but to also place a far more critical importance on fraud prevention , across the whole industry .
Payments providers in the United States may have had an easier time in recent years than those in the European Union – but that is all set to change , and it ’ s vital that payment providers are ahead of the game when it comes to regulation and compliance .
“ What we ’ re seeing is that the federal regulators in Washington DC have turned their attention to the payments industry . In the past , if a merchant committed fraud , the payments industry could say , ‘ We did what we could . It is certainly part of our problem , but it ’ s not our fault ’,” explains Scott Talbott , Senior Vice President of Government Affairs at the Electronic Transactions Association ( ETA ).
“ But , over the last couple of years , the federal regulators have taken the tact that they ’ re going after the payments industry , saying , ‘ We actually disagree , we think you had a role to play here ’. And they shifted the liability and the legal standard , to where
102 May 2023