Editor, Forum Page
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
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