The findings of a recent MasterCard survey suggest that whenit comes to the threat of data compromise, consumers are more concerned abouttheir financial information being exposed than nearly any other type ofpersonal intrusion (to put it delicately):
Want to know what’s worse than having naked pictures of yourselfleaked online? Having your
financial information stolen or compromised — or so said 55% of those polledin MasterCard’s Emotion of Safety & Security Research survey, releasedtoday. Even more would rather have their homes robbed (59%) or emailhacked (62%) than have financial data stolen or compromised.
All tittering aside, it actually has an interesting pointand an opportunity for the financial services industry. Consumers are clearlyconcerned about their payment information and are looking for a solution withthe right balance of ease of experience and absolute security. EMV ismentioned and it offers some protections, but as long as the magnetic stripe isstill there, and there is no widely deployed card- not- present solution, thenthere is a long way to go. The answers may be tokenization, end to endencryption, and multi form authentication, but utilized could be expandedbeyond just card numbers. How about tokenized social security numbers and bankaccount numbers too? It seems that this is an excellent role forfinancial service providers to take on and make their own.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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