The IWF and the Crucial Role of Payment Processors.
Safeguarding children online has become critical. The internet’s anonymity has become a breeding ground for illegal activities, including the distribution of child abuse material. To combat this plague, organisations like the Internet Watch Foundation (IWF) play a crucial role, while payment processors have a great responsibility in detecting and reporting child abuse.
PSPs process digital transactions between consumers and merchants. They play a crucial role in e-commerce, and their services are crucial to a growing digital economy. However, with great power comes great responsibility, and PSPs must take steps to prevent their system from being abused to process transactions involving child abuse. Safeguarding children online has to be on the top of the agenda of their risk management and compliance departments.
Payment processors have a moral duty to implement age verification solutions, stringent KYC procedures, and robust monitoring systems to prevent their platforms from being used for illegal activities such as child exploitation.
I have written this article on behalf of payment processor Segpay, as many other articles on their Blog site.