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.
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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.
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