Payment Card Security Remains a Top Concern

August 3, 2017         By: Steven Anderson

It would be easy to think that, by now, concerns about security in mobile payments would have been rendered obsolete. And why not? These systems have been in place for years, used routinely, with no sign of there ever being a problem. Yet a new report from Transaction Network Services (TNS) shows the old problem is still well in play, illustrating that users are still having troubles with security.

The TNS report shows that not only is there a high amount of concern about security in payment cards—both debit and credit—but also that the level of security around payments made in-store is largely insufficient.

The issues seem to be mounting worldwide as more and more users are concerned that the total amounts of criminals targeting credit / debit card data is on the rise, that data has already been used fraudulently, and that previous incidents leave the users at risk. In general, many respondents to the TNS survey noted that more needed to be done in a bid to protect that data.

An average of 67 percent agreed with this sentiment, and the numbers of concern only increase with age. While the 18 – 24 segment is least concerned, even it’s got more than a little concern to its credit with 59 percent believing that more needs to be done. 25 – 34 ups that figure to 63 percent, while 35 – 44 marks it at 68 percent. The 45 – 55 crowd, meanwhile, is at 72 percent, almost identical to the over 55 crowd at 73 percent.

With trust on the decline and concerns on the rise, it’s a prime opportunity for companies to win trust by demonstrating security. It might be a good plan to set up a bug hunt, where users are paid money to find flaws in security. The results of such an event could be a real public relations gold mine; if users are shown aggressively trying to break security and are unable to do so, the carry-over effect might help spur the sagging trust seen in the community.

One thing here is clear: security has always been the big problem in payments, and the more it can do to reassure the crowd, the better off it will be.