About secure payment systems and payment transactions

The rising of new technologies associated with payment instruments that have stored value, virtual money, and digital commerce will indeed virtually pose an unparalleled challenge to regulators and law enforcement over the next few years. 


Tracking a payment transaction

Though there are ways to be able to track a payment transaction, it is not that simple nor easy to do, as these details are hidden by randomly generated character strings when recorded in the blockchain. With an ever-growing wide variety of payment instruments that are fast becoming more popular and the ever-increasing number of huge financial institutions forging relationships with payment providers, security is one of the most concerns. Most payment systems are secure, but it is the consumer that can fall into a trap created by a scammer or make an error. There are also those incidents that occur because of mistakes, such as sending an online payment to a wrong account.

Sending it to the wrong account

Take note that when one makes a mistake when sending an online payment, it might take several days before the funds are returned to your account. It is best to make sure that all entries are correct before sending a payment by taking the time to check the details such as the name of the account holder and the amount that you are sending. Adding an extra zero to ten dollars will make you end up sending a hundred dollars, and there are times that you might not be able to get your funds returned, especially if scammed.

Payment infrastructure 

The power and beneficial mobile technology of telecommunications have spurred the payment system infrastructure for local and international e-commerce. Additionally, there is the diffusion of criminal corporations and organized crime that is using its substantial monetary resources to move their big quantities of money across continents in seconds using new kinds of virtual money and payment systems. Though there are those cybercriminals that use the veil of the internet for purposes of moving their funds, there are more people who create and use new virtual money for the convenience and the speed of transactions. 


Cryptocurrency has its blockchain payment system that does get to track all transactions, however, it is also difficult to trace because of the security. Virtual money can be moved several times and change hands often, in small amounts, which can be the evasive moves of those who are into money laundering. Though there are the concerns of law enforcement, perhaps the biggest concern of many governments is that they cannot control nor get a cut of the virtual money and digital currency that flows online.

Links of the payment systems 

A few of the issues that the worldwide regulation enforcement networks face are due to the convergence of technology, such as the links of payment systems by payment transaction transmission and the improvement of powerful gadgets may additionally create new possibilities for organized crime as our cutting-edge society becomes more depending on state-of-the-art communications. Access to the records of all payment transactions in the various payment systems is not possible for those who are not the issuer.