Total Finance
New Ways to Pay, New Security Approaches A By Paul Fabara
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TOTAL FINANCE
s we begin a new decade, it seems fitting to reflect on changes our world has seen over the past 10 years. From how we consume media and the ubiquity of the smartphone, to the proliferating volume of data, offering opportunities for more personalized and seamless consumer experiences. In Canada, the modernization of payments has already begun with the launch of Lynx, enhancements to retail batch payments and the development of a delivery plan for Real-Time
Rail. But every change brings risks. And for payments they are the scale and frequency of cyber threats and breaches. We have seen significant advances in risk scoring for fraud prevention, encryption and industry specifications for securing new ways to pay to help protect the billions of transactions made by consumers. As we look to the next decade, the continued expansion of digital payments around the world will continue to present challenges and opportunities.
March / April 2020
