Data breaches raise awareness on user authentication

Friday 14 November 2014 13:48 CET | News

For 2014, payments stories have been dominated by a string of data breaches, making security a priority for the industry, a recent report reveals.

According to a survey conducted by the Ponemon Institute, authenticating users to prevent intrusion by criminals tops the list of concerns when implementing new electronic payments systems.

Findings reveal two thirds (66%) of the 634 IT professionals surveyed saying that authentication is the biggest problem when deploying new digital payments systems like e-wallets. Three quarters (75%) of the respondents said their organizations plan to support payments via a mobile device or phone number, and 43% said they would support payments with virtual currencies.

The study also indicates that data privacy is not an urgent concern, compared to security for organizations adopting new payments technologies. Only 38% of the respondents said that would be wary of new payments technologies to protect the privacy of their data.

Tokenization topped the list of security measures that could help mitigate the authentication concerns over new payments methods, the report unveils. However, even though 75% of the respondents said one-time passwords and tokens were “very important” or “essential” to securing new payments methods, only 48% said their organization uses them for security.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: user authentication, payments security, online security, digital identity, digital payments, electronic payments
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime