Use more image captions as often as possible
“ I would say some payment companies are fully prepared – that they ’ re on top of these regulations , they ’ re doing their enhanced due diligence ,” says Cumming .
“ However , there are a lot of up-andcomers in the industry , and we ’ re seeing more and more software companies transitioning into providing card processing services . A lot of these are very new to underwriting ; they ’ re new to ongoing risk review .
“ I think a lot of these novices do not have the expertise . They don ’ t have reliable veteran staff on hand , and they ’ re struggling with some of these new regulations and risks that we ’ re seeing .”
So , why is it so important that we talk about this subject now ? Well , to take just ne example , the FTC recently published a tweet outlining their latest data , which shows that consumer reported losses to scams are up to US $ 8.8bn , as of 2022 . That ’ s a 30 % increase from what we saw in 2021 .
“ I don ’ t think there ’ s any better time to be talking about this than the here and now ,” Cumming asserts .
“ This is a topic that is always pertinent and timely , because fraudsters never sleep . As we build a 10-foot wall , they ’ re building an 11-foot ladder . So we build a 12-foot wall and guess what ? There ’ s a 13-foot ladder coming right behind it ,” Talbott adds .
“ So , this is something that we can never rest on . We are charged with protecting the payments system , and making sure consumers around the globe have
fintechmagazine . com 107