Friction vs. Risk: The Parent Role of Security Vendors and Enterprises

Leading on from Toddler to Teenager, Simon continues his travel through the eyes of a millennial. If we think about how we “pay” for items today, it’s all about the “one-click” engagement. Think Amazon: one click, one scan and the purchase is made. If we engage with a seller where a single click payment process is not accepted, how often do we move on to one who does accept Apple Pay, PayPal etc. However, what risk does this bring the consumer - a millennial who has had everything readily available? The millennial group are now the senior players within the enterprise, making decisions on infrastructure. strategy and process. They want their experience to be that of the consumer - instant, easy, frictionless. What onus does that put on the security vendors and enterprises to manage this risk and essentially act as the parent? What is our role in the payments process? It our duty to ensure that the payments industry is fit for modern purpose, can scale to deal with future challenges, needs and the unknown and enable all this without opening up risk. Simon Keates discusses how this need from frictionless payments impacts and potentially increases risk and what we, as the payment market, should be doing about it.