“Risk” Management

Payment professionals seem to have this idea that they are the knight in shining armor who is standing between the clueless and childlike customer and the omnipotent criminal. In their pursuit of safety for everybody, they seem to be willing to sacrifice privacy, self-determination and individual responsibility one small step at a time.

I say that customers are perfectly capable and willing to take responsibility for their actions, and they should bear the consequences of their actions instead of hiding behind the bogeyman of the criminal who, in the imagination of the risk managers, keeps getting ever more sophisticated and smarter every year. By now, all these online criminals must be geniuses that would make Prof Moriarty look like an amateur.