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Frauds in Payment System - nil11 - 10-06-2017 Frauds in Payment System [attachment=16114] Industry Perspective 1 decision makers from the banking, payments, legal, regulatory and merchant communities 2 payments system security threats and how those threats might best be addressed. 3 Payments Technology and Innovation 4 Responsibility and Incentives for Fraud Prevention An overview of payments fraud -Payments fraud can be broadly defined as any activity that uses information from any type of payments transaction for unlawful gain -all types of payments fraud, fraud perpetrated by criminals has received special attention of late.1 -Fraud is a very real threat to the payments system s efficiency -As more payments become electronic, the size and scope of payments fraud has grown, in part because the relevant parties in a payments transaction do not know one another. Why worry about payments fraud? -Fraud degrades operational performance and increases cost, not only for the parties to the transactions whose payments are disrupted, but also for the payments system as a whole. -Indeed, payments networks are vulnerable to fraud at any point in a payments chain, and fraudsters often attempt to exploit the weakest page link in that chain. -An independent consultant, it is possible for a single data breach to affect multiple layers in the payments system and disrupt the efficient operation of the entire system if confidence in the system is lost. |