Consumers think you bring it on yourself when you shop on the internet
It’s no wonder our private data keeps getting stolen — we literally do not care about it.
Global payments company Paysafe says more than half of consumers — 55 percent — think fraud is just part of what happens when we shop online. We simply accept that we are going to get hacked and there’s nothing we can do about it.
Basically: we’re asking for it.
Unfortunately, businesses don’t care enough about our security to fix it. Only 36 percent of companies think their consumers want tighter security. Two-thirds say a longer verification process would scare customers away, even though they want to make their businesses more secure.
The lack of security is going to be costly: Cybersecurity Ventures estimates cybercrimes, like hacking and scamming, will cost us $6 trillion by 2021.
“The damage cost projections are based on historical cybercrime figures including recent year-over-year growth, a dramatic increase in a hostile nation state-sponsored and organized crime gang hacking activities, and a cyber attack surface which will be an order of magnitude greater in 2021 than it is today,” Cybersecurity Ventures says.
Crime costs include stolen money, intellectual property theft, personal and financial data theft, and fraud, among other things. They also say that cybercrime is the fastest growing crime in the country.
As technology only becomes implemented into more of everything we do, how are we supposed to monitor our security? Unfortunately, we care more about convenience than self-protection of our data.
Payments provider E-Complish says millennials are going to be the leading generation for moving mobile payments and online shopping even further.
“The numbers tell us that millennials are a driving force in the global economy. Catering to their needs is essential if businesses want to survive and thrive,” says E-Complish’s CEO Stephen Price. “Smartphones are the way this generation stays connected and more so, complete electronic payments. To ignore 90 million people and their trends would be naive.”
The largest generation to bring mobile business into the future is also the generation who seem a bit indifferent about scamming, hacking, and loss of personal and private information. Despite the estimation that in-store mobile payment volume could reach $503 billion in three years.
Even as the demand for easier payment methods continue to go up, Paysafe says businesses can tackle fraud by lowering the amount of traditional payments.
“Nearly 40 percent of businesses would like to see a decline in payment by credit cards, with debit cards and checks not far behind,” Paysafe says. “The susceptibility of these payment methods to fraud is a significant factor, with credit cards being ranked as the most vulnerable to fraud by 60 percent of respondents.”
So what’s the future? Paysafe says businesses would like to move into voice-activation systems, cryptocurrencies, and mobile wallets.
Wanting to be more secure is great to learn, considering that security is down right now, making our data more vulnerable than ever to hacks. If you haven’t been hacked by now, you probably know someone who has — and you’re bound to be next.
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Article last modified on December 8, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Shopping Online? You’re Asking to Get Hacked - AMP.