People love the convenience and speed of real-time digital payments – but they don’t love data breaches. Cybersecurity has been a growing issue. It’s on everyone’s mind, and that includes your customers. When developing a digital payment strategy, earning your customers’ trust should be a top priority.
Data Breaches Are on the Rise
Large data breaches have made the average consumer acutely aware of the danger. When a data breach exposes personal information, that information may be sold on the dark web, and identity theft can result. According to PrivacyAffairs, credit card details with an account balance of up to $1,000 can sell on the dark web for $150, while stolen online banking logins for an account with at least $100 can sell for $40.
The problem is not getting better.
Forbes says that 2020 broke all records for data lost in breaches and the number of cyberattacks. These breaches can become a big headache for the consumers whose data is exposed. The U.S. Federal Trade Commission received 1.4 million reports of identity theft, twice as much as in the previous year.
Data Privacy Laws Show the Lack of Trust
The European Union’s General Data Protection Regulation went into effect in 2018. The California Consumer Privacy Act went into effect in 2020. More data privacy laws may be coming. Fast Company reports that Nevada, Vermont, Maine, Virginia, New York, Washington, Utah, Oklahoma could all pass their own data privacy laws in the near future, and bills are also being considered in Alabama, Arizona, Florida, Connecticut, and Kentucky.
If lawmakers and consumers trusted companies with sensitive financial data, these laws might not be seen as necessary. The takeaway is that people don’t believe their data is safe. They’re worried about how companies handle their data, so they’re passing laws to regulate the issue. These laws may help, but companies will still have to work hard to earn the public’s trust.
Convenience Can Come at a Cost
Convenience and security are often at opposite ends of a spectrum.
Take contactless payments. The UK recently raised the spending limit on contactless payments to £100. This can make shopping faster and easier, but not everyone is happy. According to the Guardian, it’s hard for banks to stop contactless payments. As the size of payments that can be made without entering a PIN increases, so do the potential losses.
People want real-time digital payments – but only if they’re safe.
According to PwC, 69% of consumers believe companies are vulnerable to cyberattacks, while only 25% believe most companies handle their sensitive personal data responsibly. Most people – 92% of them – agree that companies must be proactive when it comes to data protection.
Trust takes time to build, but it can be lost in a moment. If you want consumers to trust your company with their personal data, you have to show that you’re doing everything possible to make their payment experience as convenient and safe as possible.
payCloud.io’s Robust Security Builds Trust
Our digital payment solutions are hosted in our own PCI environment that is hardened and regularly reviewed by a third party auditor. For those who are security savvy, we’re PCI DSS version 3.2.1 Certified. Thanks to our stringent security measures, our solutions greatly reduce your PCI compliance requirements and data risk. payCloud.io is a partner that you and your policyholders can trust.