TSYS: How Card Issuers Can Address Consumer Security Concerns

By  |  August 8, 2014
 | 

TSYS published a white paper yesterday titled “Opportunity Knocks: How Card Issuers Can Address Consumers’ Concerns Around Payment Security,” following the results of the 2014 TSYS Consumer Awareness Data Security Study, according to a company release. The report examines how consumers’ sentiments are changing around security concerns, and the actions that financial institutions can take to manage any potential risks, including customer involvement in protecting their data and accounts.

TSYS published a white paper yesterday titled “Opportunity Knocks: How Card Issuers Can Address Consumers’ Concerns Around Payment Security,” following the results of the 2014 TSYS Consumer Awareness Data Security Study, according to a company release. The report examines how consumers’ sentiments are changing around security concerns, and the actions that financial institutions can take to manage any potential risks, including customer involvement in protecting their data and accounts.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     “Eighty-eight percent of those surveyed indicated they should play an active role in protecting themselves from fraud and 71 percent indicated they would likely switch accounts in exchange for guaranteed reimbursement for losses,” said Jonathan D. Hancock, director of Global Fraud Management Solutions at TSYS, in the release. “There are several strong messages for issuers here ─ having the right security and protection in place, transparency to your customers and actively involving customers in protecting the security of their cards are significant points of differentiation in the market.”

    The white paper also recommends that issuers engage actively in molding a stronger payments ecosystem, which includes layered security measures like card tokenization, EMV, 3D-Secure, and more. Customer education, it states, is also necessary “to provide assurance which in turn increases usage and loyalty.”

    The white paper is available online at tsys.com/consumerdatasecurity.


    See More In: