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Payments: Future of Digital Safety and Data Security

Posted by Maria Shayna Tzouvelekis | Wed, Jan 27, 2016 @ 05:30 AM

Self-destructing messages, purchases verified by a selfie, and a bracelet monitor that measures your heart rate — these are just a few of the technologies recently developed to keep up with digital safety and security according to a study conducted by MasterCard and PSFK Labs.

As mobile payments gain momentum, security systems technology is advancing at an exponential rate to offer more effective protection. The study, “The Future of Digital Safety and Security,” explores the innovative applications that can help consumers protect their sensitive information and streamline the payment process.

The need for protection is paramount. Security incidents have risen dramatically in recent years. “The annual survey of more than 9,700 security, IT and business executives found that the total number of security incidents detected by respondents climbed to 42.8 million this year, an increase of 48% over 2013. That’s the equivalent of 117,339 incoming attacks per day, every day.”

fraud-scam-icons-cropped.pngPassword management apps and innovative biometric software companies are offering consumers greater protection and shaking up the buying experience. Smart watches and mobile wallets are able to sync with credit cards to make purchases on the go easier. Imagine going for a jog and being able to pick up groceries on the way home with the swipe of a smartwatch. This technology monitors the heart rate with each item bought. Data from this monitoring could allow users to interpret their emotional state behind purchases or applying an Orwellian filter, enabling retailers to use the data to their advantage. 

Increasing user experience is nearly as important as the software’s ability to secure customer data. According to the study, payment security companies should offer users an intuitive, streamlined process that can seamlessly integrate into their daily lives. Valid forms of identity verification now include voice recognition at ICICI Bank in India as well as the monitoring of fingerprints with a Behaviosec program, face pictures by MasterCard, and even heart rates via an NYMI bracelet.

Mint.com was also mentioned by the study, a web and mobile app providing users with a complete picture of their finances and purchases. The app helps users budget by pinging out notifications when their account balance runs low. CrossCheck was recently interviewed by Mint.com about our dependable payment services.

A company’s ability to gain the trust of merchants or consumers is dependent on the services they offer as well as their reputation and excellent customer service. As security systems aim to build software that keeps up with the trends, there will never be more important factors than trust and security.

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Written by Maria Shayna Tzouvelekis

Maria Shayna Tzouvelekis is an Inbound Marketer at CrossCheck in Petaluma, CA.