How safe is your online shopping?
People have become desensitised to storage of payment details by online merchants, whose security is likely inferior to that of financial institutions.
Add BT as a preferred source
THE Wirecard scandal has revealed that even major companies involved in online payments may be disastrously unreliable and might even enable illegal transactions such as money laundering.
In fact, Visa and MasterCard allegedly had their suspicions about Wirecard since 2015 after they realised that the company had high levels of stolen card purchases and reversed transactions.
Wirecard's internal files from 2017 showed that the company processed payments for a variety of controversial and potentially illegal businesses.
TRENDING NOW
Buyer for England striker Harry Kane’s former mansion must pay £3.4 million after abandoning deal
Ohmyhome Ltd sells real estate business for US$1 due to poor business and continued losses
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
