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.
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