Fiserv’s report reveals cybersecurity concerns remain a constant for consumers

By Pavithra R

Fiserv’s 2020 Fraud and Security Survey revealed that 79% of consumers feel cybersecurity as equally or more concerning than it was for them a year ago.

With the rapid adoption of various digital payment methods that facilitate touchless interactions, consumers yet often require to input personally identifiable information (PII) within a digital profile, loyalty account, or for shipping information, cybersecurity is still remaining as a top concern.

The study explores how the uncertainty surrounding the pandemic & how the growth of remote, digital and touchless experiences influences cybersecurity & digital commerce concerns among consumers.

The survey revealed that since the onset of the COVID-19 pandemic, the adoption of digital payment options that dwindled physical contact at the point of sale is accelerating, with

• 33% of the consumers surveyed have increased their use of digital, touchless payments, and 69% plan to adopt more touchless payments in the future,
• While credit/debit cards (52%) and cash (43%) remain preferred payment types, 33% of consumers use mobile apps for payment; 15% use QR codes,
• 43% of consumers recently used BOPIS; 50% have taken advantage of curbside pickup, and
• Gen-Z (41%) are the biggest adopters of mobile app payments

The study also shows consumers being more concerned cybersecurity compared to the previous year, with

•  23% of consumers believe that their PII is very or extremely secure,
• 40% of both Gen-Z and Millennial consumers have had their PII compromised; Gen-X (29%) and Baby Boomers (18%) report lower rates, and
• 2% of consumers reported a credit card compromise in the last year; down from 57% in 2017

“Shifts in consumer behavior have driven rapid adoption of digital purchasing types that limit physical interactions. As businesses begin shaping new e-commerce strategies to bring additional digital consumers in, it’s equally critical that businesses maintain consumer trust by securing the customer data they acquire through digital channels,” said Alain Barbet, head of Payments Risk Solutions at Fiserv. 

Nearly half of users surveyed said they would very likely delete a social media account if breached and 55% noted they would do the same to a mobile app. Consumers are also becoming more aware of the value that comes with regular password updates, with 36% of consumers say they are changing their passwords more in 2020 than they did in 2019.

Fiserv’s study also saw a transformation in consumers’ confidence in online shopping and online bill pay platforms. In 2017, 52% of respondents felt online shopping vulnerable to a cyber-attack compared to only 18% in 2020. Similarly, 15% felt online bill pay was a prime target for attacks in 2018 compared to just 11% in 2020.

Recently, Alliance Data choose Fiserv to bolster credit processing services.

Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The FinTech is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.