Most consumers seek safer, easier payment verification, research reveals
By Puja Sharma
Online shopping has long become a consumer trend. Still, according to the “Taiwan Consumer Information and Transaction Security Survey” released by Mastercard, people have encountered counterfeit transactions and theft due to misunderstandings and unclear links.
Although the public’s awareness of transaction security has increased, more than 80% of the surveyed people have generally developed the habit of confirming their transaction security by receiving a one-time dynamic password (OTP) and checking the transaction amount and transaction merchant information. Respondents who have already used OTP security mechanisms are eager to seek more convenient protection mechanisms to ensure the security of transactions.
Yiwen Chen, General Manager of Mastercard Taiwan, said, “With the issue of transaction security receiving continuous public attention, nearly 80% of the people surveyed expect to use biometrics for transaction verification. At the same time, more than 90% of Taiwanese people believe that the financial industry should introduce AI anti-fraud technology, which will help prevent abnormal transactions such as theft and fraud. To enhance the security of consumer transactions, Mastercard continues to provide a ‘safe’ and ‘convenient’ transaction experience from the three aspects of consumers, financial institutions and enterprises through the world’s leading financial technology and AI technology.”
Mastercard’s innovative and empowered solutions are optimized for the cardholder’s spending journey and combined with multiple protection mechanisms to provide a safe and efficient shopping experience. In addition, Mastercard’s dynamic AI model can help banking partners block suspicious transactions and reduce the risk of cardholder theft before the payment is completed. Mastercard uses artificial intelligence and data analysis technology to provide security assessment services to protect enterprise network systems and reduce the risk of data leakage.
Empower cardholders to enjoy a safe and convenient transaction experience. One-stop transaction verification makes the consumption process more convenient.
According to a Mastercard survey, nearly 60% of Taiwanese consumers are currently Xi using digital payments such as contactless wallets, QR code wallets, card-on-file (COF) payments, etc., when shopping online, and less than 20% of consumers make purchases by entering card numbers. The main reasons were “thinking that manually entering the card number has information security concerns”, “there are additional preferential options for choosing other payment methods”, and “thinking that it is inconvenient to enter payment information such as card number, card expiration date and security code”.
To reduce the risk of leakage of consumer card numbers, Mastercard uses the Secure Card on File solution to virtually tokenize the payment information entered by consumers at merchants, and the tokenized card number is limited to the use of the merchant, which can effectively reduce the risk of transaction information leakage. Make the online trading environment more secure.
To further improve the security and convenience of transaction verification and reduce the inconvenience of transaction verification and the risk of fraudulent OTP passwords, Mastercard has launched a one-stop transaction identity verification solution (Mastercard ID Check Express) that can be used through biometrics. When consumers use mobile devices to conduct online shopping transactions, they can use biometrics such as fingerprints and facial recognition that cannot be copied without jumping to the verification page and can complete the verification directly on the shopping page, which not only reduces the possibility of stolen transaction vouchers but also maintains a smooth payment experience. Nearly 90% of the people surveyed trust the information security protection of the bank, but about 75% of people change banks if they are stolen!
AI dynamically views real-time consumption, effectively blocks abnormal transactions, and reduces theft risk.
Mastercard’s survey on consumers’ trust in financial institutions shows that with banks actively deploying anti-fraud measures, the survey pointed out that 88.2% of the public believe that the banks they often deal with are actively preventing fraudulent transactions such as fraud and fraud, but 74.7% of the people said that if their credit cards or charge cards are stolen, they will no longer use the bank’s card. In addition, with the vigorous development of AI technology, 90.4% of the public believe that introducing AI anti-fraud technology in the financial industry will help prevent abnormal transactions such as theft and fraud.
In the face of frequent personal information outflows, enterprises must maintain their security and pay attention to third-party partners’ data security to avoid the leakage of consumer information. According to the Mastercard survey, 40.4% of the public have received notifications from merchants and enterprises that their personal information may have been leaked, and 22.3% of consumers have received fraudulent phone calls, text messages or emails in the future.
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