Banks says they need to be cautious about compensating for scam losses, and want digital platforms and telcos to share the burden.
, added too much focus on compensation could end up forcing overall losses higher. “I would hate the focus to become one of compensation because, if you think about it, that just creates a honeypot for organised crime,” he said.
, which would reduce the number of small businesses holding credit card numbers that are attractive to scammers and hackers. He said card issuers were focusing on “devaluing data” by moving to “tokenised” payment credentials, so card numbers, expiry dates and CCV codes were not passed around to companies that could not safeguard them properly.
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