In respect of the use of electronic payment systems, consumers have a much higher security risk...

In respect of the use of electronic payment systems, consumers have a much higher security risk
than banks. Critically examine the above statement with reference to the issues raised by Schulze
(2004).

Expert Solution

Yes, it is true that with regards to the use of electronic payment systems, consumers have a much higher security risk than banks. This is because of the fact that consumers face the issue of ‘identity theft’ and this threat is more significant and carries more implications for them than the threats that are faced by banks. Besides identity theft other threats that consumers face are threats of stealing of cards, counterfeit and skimming. In all these cases a customer will have to bear significant out of pocket expenses. Even Schultz had raised issues in this regard. Schultz said that while identity thefts have implications for both banks and consumers in the form of costs like card reissuance costs, out of pocket expenses, time and effort spend in resolution etc. the impact is far more profound on consumers than banks because of the fact that consumers have to change their payment behavior and this may entail switching costs for them.

jeff jeffy answered 2 years ago

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