Threat Intelligence

7/3/2018
11:40 AM
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Consumers Rank Security High in Payment Decisions

Security is a top priority when it comes to making decisions on payment methods and technologies.

In the list of considerations for how to pay for purchases, the security of the transaction method tops cash back and loyalty points for most consumers. That's the conclusion of a recent major payment industry study, reinforced by separate results from new private research.

The "2017 TSYS U.S. Consumer Payment Study," the latest annual version of research conducted by the payments provider, indicates that security is a top-of-mind issue for the majority of consumers. Regarding a question about moving to electronic wallets on smartphones, the study reports, "Consumers continue to be most interested in mobile features that allow them to instantly identify and stop unauthorized credit and debit transactions," with 80% reporting this as a reason for pursuing wallet apps. The ability to instantly see transactions was cited as another reason by nearly three-quarters (72%) of respondents. Both of these responses outpaced any convenience-related justifications for the new technology.

Security for new payment technology is in line with a response from TSYS's 2016 study that found when considering a new credit card, 74% of consumers ranked security and fraud protection as their priority, with 26% preferring rewards.

The survey on which the study was based also asked consumers about their comfort level with different authentication levels. Traditional passcode was the top response, with 69% stating their comfort with the method, but fingerprint authentication was close behind, at 63%.

For more, read here and here.

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Joe Stanganelli
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Joe Stanganelli,
User Rank: Ninja
7/6/2018 | 11:34:48 AM
My own anecdotal evidence
I can speak to this personally.

I remember there was a VERY rare recording/album I wanted by a musical artist whose work is next-to-impossible to find. After months of searching (both online and IRL), I eventually came across a website that sold the artist's recording that I wanted -- a website for the music publisher with whom the artist worked.

Or so it purported to be. The website was in the Netherlands and looked pretty sloppily put together. I did not feel comfortable trusting my personal payment information on the site (I couldn't even be certain if the website was legit) -- so I simply went without.

In hindsight, the website was probably legit, but it still left a bad taste in my mouth.
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