The Economics of Retail Payments Security

In recent years, weaknesses in payment security have become increasingly evident through a constant stream of news reports on data breaches, phishing attacks, spoofed websites, payment card skimming, fraudulent ATM withdrawals and online purchases, computer malware and infiltration of retail point-of-sale systems. Although these events seem not to significantly affect current end-users’ payment method choices, they may hinder adoption of new technologies, such as mobile and faster payments (Schuh and Stavins). Were the public to lose confidence in the payments system, however, payment behaviors could drastically change, potentially undermining commerce and overall economic activities.

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