Consumer attitudes to card payment security in 2023: key takeaways from CardEasy’s market sesearch

PCI DSS, Security

Consumer attitudes to card payment security in 2023: key takeaways from CardEasy’s market sesearch

In today’s rapidly evolving world, where digital payments are the norm and remote work is on the rise, ensuring the security of payment card details has never been more critical. CardEasy’s latest market research report for 2023 sheds light on changing consumer attitudes towards card payment security, the impact of the pandemic, and the steps organizations must take to protect sensitive data. In this blog post, we’ll explore some of the highlights from this research and provide insights into the evolving landscape of payment security.

A shift in consumer attitudes

The global pandemic drastically altered the way we live and work, pushing organizations and consumers alike to rely more on card payments, especially contactless transactions. However, with this surge in card usage came an unfortunate increase in payment card fraud. Card payments in the UK, for example, skyrocketed by 75% in April 2020 compared to the previous year, coinciding with an uptick in payment card fraud. This surge has made consumers increasingly concerned about the security of their payment card details.

Key Insight: Consumer attitudes regarding the security of their card details have shifted, with a growing concern for payment card safety in the wake of rising fraud rates.

The role of remote work

As remote work became the new normal during the pandemic, organizations adjusted their operations to accommodate remote employees. While the number of remote workers has declined since the peak of the pandemic, many companies have adopted remote work as a permanent model. This shift presents both opportunities and challenges for payment card security.

Key Insight: Remote working has increased the risk of payment card fraud, with 78% of organizations reporting that remote workers are harder to secure.

The importance of card data security

The research underscores that the most effective way to ensure the security of payment card data in a contact center is to prevent it from entering the network environment in the first place. This principle aligns with the introduction of PCI v4.0 in 2022, emphasizing the need for ongoing security measures and the avoidance of storing cardholder data whenever possible.

Key Insight: Preventing payment card data from entering the contact center network remains the best strategy to protect against theft and fraud.

Consumer trust in organizations

Consumer trust plays a crucial role in the payment card security landscape. In 2021, 17% of consumers strongly agreed that organizations would keep their card details secure when making phone payments. However, in 2023, this percentage dropped to 8% among U.S. consumers, indicating a significant loss of trust. Additionally, 76% of consumers believe that some contact center agents may commit card fraud indirectly, showing a hardening of attitudes since the pandemic.

Key Insight: Trust in organizations to secure card details has diminished, with a significant number of consumers believing in the possibility of agent-related card fraud.

Payment preferences and security

Consumers are increasingly reluctant to give out their card details over the phone, with 62% of U.S. consumers expressing concern about contact center fraud. Technologies that reliably hide payment card details from contact center agents are preferred by 70% of consumers, highlighting the importance of visible security measures.

Key Insight: Consumers favor technologies that enhance payment card security and protect their data from agents’ view or hearing.

Seamless omnichannel shopping experience

Consumers now expect a seamless omnichannel shopping experience, with over 80% emphasizing the importance of contacting a company via their preferred method rather than the method most convenient to the company. Retailers offering this experience have a competitive edge. An effective and secure card payment system can facilitate this seamless experience.

Key Insight: Providing an omnichannel experience and securing payment details across all channels is essential for retailers’ success.

The benefits of CardEasy

CardEasy offers solutions that protect against payment card fraud within contact centers. Its technology prevents agents from hearing or seeing card data, uses DTMF suppression to block it from screens and call recordings, and ensures data doesn’t enter contact center systems and networks. CardEasy also aids GDPR and PCI DSS compliance by avoiding the capture and storage of payment card data.

In a world where payment card fraud is on the rise, consumers’ trust in organizations’ ability to protect their card details is waning. It’s crucial for businesses to adopt secure payment methods, prioritize remote work security, and offer a seamless omnichannel experience. CardEasy’s research provides valuable insights into the evolving landscape of payment card security, making it essential reading for anyone involved in the payments industry.

For a more in-depth exploration of these insights and to learn how CardEasy can help protect your organization and your customers, we encourage you to download the full white paper here.