The Economics of Retail Payments Security
نویسندگان
چکیده
Economics provides a useful framework for understanding both drivers of and barriers to retail payments security. This paper documents economic principles that underpin retail payments security and describes how a game theory approach can be used to evaluate and construct security strategies. It then demonstrates in four case studies how economics can help explain why some payment security mechanisms succeed while others fail. Topics investigated include efforts to reduce card-not-present fraud through enhanced authentication, initiatives to better protect payment card data, emerging mobile payment platforms, and alternative payments based on cryptocurrencies. The final section provides a summary and discussion on the role for policymakers to consider payments security from a broad and long-term perspective.
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