046046 047 FINDING #06 VIEWPOINTS Security Is Table Stakes Keeping Payments In most countries, consumers Secure in a Changing prioritize convenience and control. Ecosystem By Mark Nelsen Consumers take security for setup, frictionless use, control, SVP, Risk Product and Business Intelligence, Visa granted—even when they shouldn’t. and customization. Unlike in 2015, when they stated that Both trust and value-adds security was most important, today, remain crucial for adoption of security has fallen to the bottom half new payment methods. The global payment ecosystem faces broadly visible and damaging. We of consumers’ list of needs. must improve industry coordination While globally, consumers seek out And while consumers may take it persistent and ever-changing threats to increase timely adoption and trusted brands and solutions—in for granted today, even with the from numerous sources. implementation of technology that countries such as Argentina, India, data breaches that may happen, addresses weakness in traditional and France, for instance, security the industry remains aggressively and emerging payments. Most is still driving decisions—they also focused on security. important, we must improve the expect unique features like easy As payments become more digital information is increasingly processed protection of sensitive data (e.g., and threats to payment confidentiality in real time. These capabilities are account information or credentials) and integrity escalate, challenges changing the nature of commerce that can be used to perpetrate fraud, in payment security are increasingly and end-user expectations for including devaluing or eliminating acute. Data breaches, phishing attacks, payment services. The same frictions the need for such data from the spoofed websites, skimming, malware, that shoppers encounter on a laptop payment process. #1 and infiltration of retail point-of-sale or desktop—typing in card numbers, #2 systems are becoming more prevalent shipping and billing addresses—are The card-not-present environment is Security Stated & #4 and costly. In addition, more options simply not tolerated when shopping a key area where the better use of data B.9 Derived Importance for where and how payments can be on a mobile device. can be used to manage fraud. Card- In 2015, consumers stated that initiated are creating growing hurdles not-present has grown steadily since security topped their list of important to authenticate transactions, end users, Technologies such as encryption, its inception a few decades ago and is needs. Looking at current derived #10 and their devices. As new entrants tokenization, and stronger still growing at a strong rate. However, importance findings, security-related bring to market innovative payment authentication can strengthen there is widespread use of strong attributes fall to the bottom half of #13 payment security. However, authentication and fraud prevention the list, showing that security is not solutions, new risks may be introduced the development of standards driving payment decision-making. and must be identified, monitored, methods globally in this space. As #16 and managed. and protocols is not keeping a result, the amount of lost sales, or pace with changes in the threat attempted sales resulting in declined Technology is rapidly changing environment, and adoption is not transactions, is significantly higher 2015 many elements that support the always consistent across payment than instances of fraud. To better Stated Importance Rank payment process. High-speed data participants. Often implementation secure the global payment ecosystem, 2017 networks are becoming ubiquitous, of suboptimal technologies or we must reduce fraud and increase Drived Importance Rank computing devices are becoming improper implementation can PROTECTS MY IDENTITY/ KEEPS PURCHASE LIMITS LIABILITY FOR approved sales. PERSONAL DATA INFORMATION PRIVATE DATA BREACHES more sophisticated and mobile, and expose compromise points that are