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Exec Summary (3 pages of bullets below)

The politics and incentives around these device graphs are very complex because they define how risk is managed and controlled. Today, Merchants (and their partners) are the leaders because they own the risk (100% in the US, 50% in the EU). Today’s blog is a recap of the politics and the forces driving perfect authentication, and how this would profoundly impact the politics and the competitive positions of key payment stakeholders.