CYBERSECURITY ce
Cyber Magazine explores the changing face of payment security as the world becomes more digital than ever before
For years the payments industry has struggled to balance the competing needs of security and convenience for customer satisfaction . Growing concerns among consumers around fraud have fueled the fire . New research from Paysafe found that 62 % of global consumers increasingly see fraud as an inevitable risk of online shopping . According to the research , consumers across North America , Latin America and Europe are prioritising security over convenience when making online purchases .
In fact , 62 % of people are so concerned about fraud they feel it is simply an inevitable risk of online shopping , a major jump from the 45 % who said the same in 2021 . These fears have caused 58 % to not feel comfortable entering their financial data online to pay for goods and services , another jump over the 44 % who felt this way in 2021 .
To allay customer ’ s fears , Visa recently launched Strong Customer Authentication . A new security measure which will change how they pay online and in-store . The new requirements taking effect across Europe mean Visa card users will be asked to provide additional information when making some purchases . When shopping online they may have to enter a passcode , which would be sent to a mobile phone or landline and then authenticate their payment in another way , depending on how the issuing bank has implemented the new security measures . In-store for
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