Restaurant apps become vessels for money laundering, while ride-hailing services might take fraudulent "test" cards for a spin. If an implementation oversight exists or our device experiences an error or a breach from any number of potential failure points within the software - such as in provisioning the application to the device, entering payment credentials or in the process of authenticating a payment - the impact could be disastrous. This is an unfortunate product of the unique enrolment processes and limited formal requirements that dwell within the FinTech industry.Ĭould Brexit Britain become 'Europe's cold, wet Cayman Islands'? The influx of services to the online marketplace coincides with an uptick in the number of disputes filed, as malicious parties look to capitalise on advances in technology and an increasingly active mobile banking population.Īmid the chaotic scramble for opportunity, fraud has found a foothold and exploited the gap capitalising onthe lack of a 'gold standard' in the US for third-party applications that can securely integrate into existing payments streams. This information is thrusting service technology into new, diverse areas.īehind the scenes, however, not all is rosy. While varied in nature and function, the majority of these apps require customer banking data to verify and complete transactions. The power and functionality contained in smartphones and other digital devices in 2017 is evidenced by their ability to enable purchases, conversations, research and more.Īmong the array of applications on offer via these gadgets, FinTech companies, including Betterment and Mint, provide financial services ranging from robo-advised brokerage accounts to automated savings tools and loan-refinancing options.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |