Please provide the answer as per requirement

Consider the following forms of payment systems:

- Cash

- Checks

- Credit cards

- Wire transfers

- Online payment systems (e.g., Venmo)

- Online payment systems (cryptocurrency (e.g., Bitcoin)).

a) Which payment system is more prone to the following types of operational risk events:

- Errors,

- Theft (fraud),

- Money laundering.

You may want to make a matrix with the type of payment system vs the type of operational risk event. Entries of such a matrix could then be VL (Very Low), L, M, H, VH (Very High).   You may want to provide some comments discussing your entries in the matrix.

b) How do the various payment systems compare to one another with regard to:

- Cost of transaction (for payer, for payee, and for entity performing transaction)

- Cost of correction of erroneous/fraudulent transaction

- Protection against theft and fraud

- Safeguards against crime