What are the risks involved in Electronic Payment Systems?  

 From the customer's perspective:

• Dishonest merchants or financial service providers
• Stolen payment credentials and passwords
• Disputes over quality of services or goods

 From merchant's perspective:

• Forged or copied payment instruments
• Insufficient funds in customers account, especially with off-line payment systems
• Dishonest or slow financial service providers

From the financial service provider's perspective:

• Stolen customer or service credentials
• Forged or copied payment instruments
• Customers not paying (applies only to credit models)