More convenience, less crime

Various players in the payments industry are calling for industry-wide cooperation to reduce fraud and improve consumer trust, as the sector undergoes a huge transformation due to fast-changing technology.

Today, people are living in a connected world where almost any device can be used for payment acceptance, and increasingly, payment origination. There are around 10 billion internet-connected devices in the world this year and that number is expected to double by 2020. The boom in that market means consumers are facing lots more points of exposure when making payments.

Ellen Richey, vice-chairman of risk and public policy at Visa Inc, said: "Twenty billion connected devices would bring more potential problems for us to worry about as a payments industry, if we don't take pains to make sure these things are all properly secured."