Ajay Bhalla, president, enterprise security solutions, MasterCard
The threat of crime for businesses is not new, but managing crime in a new era of digital innovation is.
There will be more change in the payment landscape in the next fi ve years than there has been in the past 50.
Growth in electronic payments, coupled with the onset of the internet of things (IoT), turning devices into payment tools, has opened up new opportunities for criminals and made managing threats more complex.
While payments have never been safer, criminals have also never been smarter. Cyber-crime is a very serious threat and businesses require a multi-layered approach to safety and security in order to eff ectively manage the rapid change in consumer behaviour.
The good news is that the technology already exists to manage the threat, but businesses need to adapt quickly in order to stay one step ahead. Businesses that don’t run the risk of incurring both a fi nancial and reputational cost that fraud invariably brings.
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