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As consumers increasingly embrace electronic payment methods on e-commerce websites, questions regarding cybersecurity are more critical now than ever before for businesses. In a survey conducted across various global markets, most consumers who participated in the poll said that they were willing to use methods of payment like digital or mobile wallets, cryptocurrencies, and QR codes. Sixty percent of them would steer clear of merchants who didn’t accept them.
However, cybersecurity threats are now growing in concern as many turn to electronic payments. The same MasterCard survey revealed the troubling rise of fraudulent cases online, thanks in no small part to the lockdown imposed due to the pandemic, with at least one person in four respondents being fraud victims. Thankfully, with the services of any top 10 chargeback company, many have an option to recover their funds.
Why Do Consumers Prioritize Payment Security?
The reason why most consumers today prefer online payments is because of convenience and safety. After all, through these types of payment methods, users can make purchases through their computers and mobile devices from the comforts of their homes.
More importantly, they don’t need to bring a lot of money with them, mitigating the risks of losing it as a result. However, none of this will matter if they are the victims of cybercrimes. This is why payment security remains a priority for many consumers.
Importance to Business
Payment security isn’t only a priority for consumers but also a concern for online businesses. It isn’t a big secret that disaster stories can often overshadow successful ones. If something goes awry with the payment portal of a brand or if a company loses consumer data, the gloves are likely to come off. It won’t matter if the system flawlessly worked in the past, either. If a breach happens, then there’s a good chance that people will lose trust in the system.
Consumers today are also more informed than they ever were. By now, most have experience browsing the World Wide Web and have at least a basic understanding of what trustworthy and genuine internet companies look like.
What this means is that if they detect any red flags, they’re more likely to abandon any products they’re planning to purchase. There’s also a good chance they’ll do research before making any financial commitments to a website.
Therefore, it’s the responsibility of the business to educate and reassure consumers and remain transparent with the way it uses and protects their data. The success of an entrepreneurial venture requires trust, and organizations that cut corners in the security of financial details and payment transactions will find themselves in deep waters.
No one can deny that the increasing dependence on the internet shopping has raised security concerns for online payments. With the growing number of breaches, interceptions, and various cyberattacks, it’s easy to see why. To avoid falling victim to these fraudulent activities, consumers must always remain vigilant and do their research before making any purchases through digital means.