A case in point is frauds relating to misuse of international credit cards due to the absence of the requirement of second factor authentication for all the Card Not Present (CNP) transactions.
Settlements As the retail payment being dominated by the deferred net settlement processes, there is a need for a guaranteed retail payment & settlement systems that will give comfort and assurance to all the stakeholders. In describing the settlement characteristics of net settlement systems, the concept of certainty of settlement is sometimes used.