There’s no denying that consumers have become more confident about making payments online and using digital payments methods on mobile devices. On the flip side, the rise of digital payments is also inspiring cybercriminals and fraudsters to exploit this growing segment of consumers.
With the rise of e-commerce and non-cash payments leading to a jump in cyber threats, the industry is set to concentrate its efforts on building new cybersecurity solutions.
To address this growing issue, payment providers are investing in more advanced technologies and payment security features designed to address the most pressing threats and vulnerabilities. Examples include AI-based authentication prompts or behavioral biometrics based on consumers’ swiping, typing, or phone-holding patterns.
In a recent survey of more than 3,000 businesses and consumers across the United States, Brazil, UK, Germany, Italy, Spain, India, Japan, Singapore, and Australia, security and online privacy emerged as the top two priorities for e-commerce customers – well ahead of convenience – according to Experian’s Global Insights report. This makes investments into security features even more important for payment providers and merchants who need to inspire confidence in users that their data is being adequately safeguarded.