According to Ponemon Institute and Experian’s Data Security in the Evolving Payments Ecosystem study, nearly 70% of respondents cited that pressure to support new payment technologies is putting customer data security at risk.
When asked which payment innovations are the most likely to increase the risk of a data breach, respondents overwhelmingly put virtual currencies in the top spot, followed by mobile payments in stores, e-wallets for retailers and mobile payments on devices/apps.
Sixty-six percent of those surveyed said authentication issues with new technologies (which we covered, in the case of Apple Pay) are putting customer transactions at risk. That said, they also agree that customer convenience is of paramount importance, and worth the cost and risk of implementing these systems.
What’s interesting, is that while many respondents stated that they were not confident in the security of electronic payment systems, they ultimately ranked online purchases and point of sale (in-store) purchases above mobile payments, in terms of systems that they feel have the greatest security risks.
Respondents cited two primary reasons why they believe it’s so difficult to secure payment card data.
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The difficulty in stopping hackers or criminals from stealing payment card information
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A lack of resources needed to upgrade their systems
We’ve talked quite a bit here at Rippleshot about this very issue - more specifically a few weeks ago with our prevention vs detection post. It’s going to be incredibly difficult to account for the myriad of ways hackers can compromise your system, so typical prevention methods need to be paired with rapid detection solutions that can help fill the gap when something inevitably does go wrong.
To learn more about how Rippleshot can help supplement your current payment card risk mitigation strategies, check out one of our recent presentations below:
