On this week’s episode of News & Views, The Fintech Times Podcast team speak about why US mid-sized businesses still use paper cheques, despite rising fraud risks and the growing popularity of more secure digital payments, how Canada’s payment market is rapidly digitising with the use of wearable payments and why only one per cent of financial crimes are brought to justice.
All members of the Podcast Team are back and present this week as the trio dive into the topics of fraud and payments. Tom starts the conversation by explaining how many banks perceive their cyber defences to be better than the methods of attacks used by fraudsters. However, the podcast team explores how banks must make use of every available bit of technology in the fight against fraud, as complacency is a surefire way to get exposed to cybercriminals.
Following this, the discussion shifts to the risks of using paper cheques as a primary payment method. Ultimately, the trio agree that a lack of digitisation can put an organisation at risk not only from a security standpoint but financially as manual errors can lead to resources needing to be spent elsewhere.
Lastly, the Podcast team explores how viable wearable payments are as Canada’s payments ecosystem continues to digitise.
Listen to News & Views Podcast on your favourite platform:
And don’t forget to check out the articles discussed below:
Why Are Only 1% of Financial Crimes Brought to Justice? RedCompass Labs Asks What Holds Banks Back
Codat: US Businesses Hesitant to Ditch Cheques Despite Fraud Risks
Wearable Payments are Sharply on the Rise in Canada as Value of Cash in Circulation Dips
