Thursday, June 06, 2013

Call to regulate e-payment firms

Editor, Forum Page
Straits Times

Several parties have called for regulation of e-payment firms, due to the 
recent cases of fraud involving a few unauthorized payments through Pay Pal.

I suggest that the following points be considered in a regulatory review:
  • The incidence of fraud now represents a negligible percentage of the transactions made through Pay Pal 
  • Pay Pal now sends an email to notify the customer about a payment that had been made
  • Most of the transactions made through Pay Pal are for small amounts
  • Pay Pal has a policy to compensate its customers from losses arising from fraudulent payments.
I suggest that the decision for stronger security measures be left to Pay Pal to decide, balancing the risk and 
the convenience to customers. I am a regular user of Pay Pal and find their security measures to be adequate 
and convenient.

When I make payment by credit card, I have often been inconvenienced by the need to reply with a one-time
password sent by my bank (not Pay Pal), even for small amounts. I prefer an option to specify a threshold, below which
this measure can be bypassed: I am prepared to take the risk.

Rather than ask Pay Pal to adopt the security measures imposed by our banks, I prefer that our banks should
consider adopting the measures now used by Pay Pal.

Tan Kin Lian

1 comment:

Xianlong said...

Have to thank those stupid banks. If not for their lousy approaches, Paypal would not have the opportunity to grow using their user friendly approach.

Old big lumbering firms are slow to turn just like a big ocean liner. Easily out-maneuvered by small & nimble vessels.

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