Given the recent high-profile data breaches at major retailers and and government institutions in recent years, protecting customer information has become a top priority.
Even though businesses place a high emphasis on security, consumers are still concerned about the protection of their data. According to recent MasterCard research, more than three-quarters of customer respondents expressed worry about their sensitive financial information. Another 62 percent are worried their email addresses will be compromised. These concerns extend beyond the digital realm as well, with nearly 6 in 10 customers saying they are concerned about a home robbery, a release said.
Taking care of customer data
Given the fact that consumers are increasingly concerned about their payment information, it's imperative that businesses partner with an electronic processor that can ensure data security above all else. E-commerce transactions are increasing quickly in the global economy thanks in part to the rapid maturation of digital and mobile technology. Online retail's growth has been augmented by increased broadband availability and instant connectivity of widely used devices today.
The payments industry is doing its due diligence in protecting customer data at the point of sale at brick-and-mortar locations with the upcoming EMV liability shift. The new guidelines are aimed at reducing counterfeit fraud at the point of sale, but e-commerce businesses still need to ensure they are going the extra mile to keep their customers' data safe and secure. Part of doing so is educating the public on their responsibility for keeping their information safe as well.
According to MasterCard's research, 92 percent of Americans said they were taking precautions to protect their information, yet less than half of respondents rarely or never change their login credentials for financial accounts. E-commerce businesses must first partner with a secure payment processor. After that, they need to leverage their partner's resources and educate customers on how to best secure their information. A cohesive effort from both parties can increase data security all around.
As technology continues to grow, it's important to communicate how it can help protect consumers online. Another 86 percent of respondents said they would adopt new technology if it provided improved security. Partnering with a payment processor and educating the public on their options to safeguard their data are the best ways to combat future fraud and breaches.
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