According to a survey conducted by Compass Plus, other challenges flagged by respondents centred on mobile payments, the rise of alternative payments providers, and EMV.
Half of all respondents cited fraud and security as the biggest challenge in the survey, which took in the views of more than 190 payments and banking experts from across the globe, with many respondents continuing to demonstrate their concern around fraud. Respondents cited card-not-present fraud as the top threat for the third consecutive year (28.1%), whilst card skimming, which had previously seen a 15% decline, came a close second at 26.6%. Internet banking hacking dropped to third place (15.6%) with a 9% decrease.
Findings indicate less than 10% named mobile malware the greatest fraud threat. Online security was also an issue, with particular reference to keeping consumer information secure from hackers especially in light of the more recent high profile breaches.
21.7% of US-based respondents cited EMV as the biggest challenge for their region. Reasons behind this included the cost of producing EMV-compatible cards and not being able to meet the deadlines for the liability shift.
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