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Peer to Peer Money transfer uses a website or app to transfer funds from one person to another over Internet or Mobile Networks. The challenges are listed below:

1) Fraud and Chargebacks

2) Cross Border Transactions

3) Card Data Security 

4) Multi Currency and payment Methods
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This is a big issue now. There are some cases that will lead to scamming a person with this kind of dealings. In fact, some scammers are sending malicious links in our emails, it will be a disaster once clicking them. They will get the money that is linked to our mobile banking online.
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Peer-to-peer (P2P) money transfers have gained popularity in recent years due to the convenience and speed they offer. However, they also pose challenges for regulators in terms of ensuring safety, security, and compliance with anti-money laundering (AML) regulations. Here are some of the biggest challenges regulators face:

Lack of transparency: P2P transfers are often made through third-party apps or platforms, making it difficult for regulators to track the flow of funds and identify potential illegal activity.

AML compliance: P2P transfers can be vulnerable to money laundering and other financial crimes. Regulators must ensure that P2P platforms are complying with AML regulations, including customer identification and monitoring transactions for suspicious activity.

Cross-border transfers: P2P transfers can be made across borders, making it difficult for regulators to enforce compliance with local regulations.

Consumer protection: P2P platforms are not always subject to the same consumer protection regulations as traditional financial institutions. Regulators must ensure that consumers are protected from fraud, errors, and other risks.

Emerging technologies: As P2P transfers continue to evolve and incorporate new technologies such as blockchain and cryptocurrencies, regulators must keep up with these changes and ensure that they are effectively regulating these new technologies.
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The biggest challenges regulators dealing with regarding to peer to peer money transfers are:

1. Fraud: Peer-to-peer money transfers are a popular way to transfer money between friends and family, but there is a high risk of fraud. bad actors can use false identities, steal money, and even cause serious harm to innocent people.

2. Inefficiency: The speed of a peer-to-peer transfer can be affected by the number of people who are using the service, the network congestion, and the time it takes for the receiving party to receive the money.

3. Regulation: There are a number of regulations that regulators must deal with when it comes topeer-to-peer money transfers. These regulations can range from the requirements that the service be legal, that the money be transported in a secure way, and that the users be responsible for the money they send.
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Peer-to-peer (P2P) money transfers have gained popularity in recent years as a convenient and inexpensive way to send money. However, regulators face several challenges in dealing with P2P money transfers, including:

Anti-money laundering (AML) and Know Your Customer (KYC) regulations: Regulators must ensure that P2P money transfer platforms comply with AML and KYC regulations to prevent illicit activities such as money laundering and terrorist financing.

Fraud prevention: P2P money transfer platforms must have adequate fraud prevention measures in place to prevent fraudulent transactions, including identity theft, phishing, and hacking.

Consumer protection: Regulators must ensure that P2P money transfer platforms have adequate consumer protection measures in place, including dispute resolution mechanisms, to protect consumers from scams and other fraudulent activities.

Cybersecurity: P2P money transfer platforms must have strong cybersecurity measures in place to protect users' personal and financial information from cyber attacks and data breaches.

Cross-border regulations: P2P money transfers often involve cross-border transactions, which can be subject to different regulations and restrictions in different countries. Regulators must ensure that P2P money transfer platforms comply with applicable cross-border regulations.

Overall, regulators face the challenge of balancing innovation and consumer convenience with regulatory compliance and protection of consumers and the financial system.
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A significant challenge for P2P lending platforms is the absence of comprehensive government regulations. Unlike traditional financial institutions, P2P platforms often face less regulatory scrutiny. This lack of regulation raises concerns about transparency, accountability, and investor protection.
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fact, some scammers are sending malicious links in our emails, it will be a disaster once clicking them. They will get the money that is linked to our mobile banking online
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