Why Security, Trust Are the Currency of Payments

The stakes for fraud prevention and data security are rising with innovation across digital payments.

Trust remains the cornerstone of today’s dynamic ecosystem, but it is increasingly tested by a web of risks, including fraud and security vulnerabilities, compliance demands, counterparty reliability, payment failures and more.

“These threats aren’t just financial; they strike at the heart of trust,” Bill Wardwell, general manager at Coupa Pay and Treasury, told PYMNTS for the December What’s Next in Payments series, “The Payments Circle of Trust and Risk.” “A single breach can erode years of goodwill, undermining customer confidence and causing significant reputational damage.”

Fraud and security breaches loom large over the payments industry, exacerbated by the rapid evolution of cybercrime. Wardwell pointed to advanced tactics like business email compromise, cyberattacks and artificial intelligence-driven deepfakes as evidence of a new era of…