Building security & trust in digital payments - Highlights

The second in our series of 4 events dedicated to supporting the Fintech Scotland Research & Innovation Roadmap took place in Edinburgh on 7th December.

On this occasion industry leaders from across financial services, FinTech, banking, security and payments gathered to consider approaches to ‘Building security and trust in digital payments’

Payments is the leading area of innovation for FinTech companies in Scotland with 37% of firms represented in this area. Technological advances have led to progressive changes in payments processes, utilising innovations such as open banking and embedded payments making it faster and more convenient to pay and transfer money both locally and globally.

As digital payments have increased, so has the threat of online fraud, digital crime and cyber attacks on financial institutions. The UK Finance’s 2020 report ‘Our Fraud – the Facts’ highlighted that criminals successfully stole over £1.2 billion through fraud and scams in 2019.

This event, a roundtable discussion hosted by Pinsent Masons, saw a wide range of guests come together to give their view on the topic, including representatives from Lloyds Banking Group, Eeden Bull, BR-DGE, Transfer Mate, Occamsec, Police Scotland, Scottish Business Resilience Centre and the Payment Systems Regulator.

The group considered the exciting opportunities offered by digital payments alongside the strategies that financial services organisations need to deploy in order to build and maintain security and trust in these innovative solutions.