Identity, Security, Payments, Biometrics, Smart Cards and Authentication News

In online we don't trust; people still wary of e-commerce

Monday, April 7, 2008

A new Gemalto-sponsored survey finds U.S. consumers are wary of password security for online commerce transactions. The survey, conducted by TNS Sofres, concludes that banks and other providers need to do more to protect consumers.

The “Digital Trust Barometer” survey of 1,000 consumers, released at the RSA Conference, showed that people’s concerns about digital security go beyond the Internet. Some 57% of Americans said they were afraid someone will steal their account passwords while banking online and another 38% said they simply do not trust online payments. Only 22% felt “very good” about the security in any of the digital technology they use, indicating the vast majority of Americans remain wary.


To no one’s surprise, ID theft topped the fear list at 74%. Some 44% said they were afraid of having their accounts hijacked. That’s probably because 21% of respondents had already suffered from bank data theft.

A third of those surveyed liked the idea of a personal portable security device, such as a USB key, that will protect them online. Finally, 40% said they would purchase more online if security was reinforced. [end] 

The U.S. Social Security Administration contracted with Experian to add fraud prevention services for secure authentication to access the new online Social Security Statement.

The new online Social Security Statement provides Social Security earnings and benefit information, as well as estimates to help people plan for retirement. It also gives estimates for disability and survivors benefits. With the online statement, users can see whether their earnings are accurately posted to their Social Security records.

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ValidSoft, a supplier of telecommunications-based fraud prevention, authentication and transaction verification products, announced its new partnership with Spindle Inc., a mobile commerce and alternative payment solutions provider to bring payments security products to U.S.-based customers.

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New research from the Pew Research Center’s Internet & American Life Project shows that nearly two-thirds of tech experts believe that smart phones will overtake credit cards as the dominant form of payment by 2020.

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A new study from Juniper Research forecasts that NFC will drive mobile transactions to $74 billion by 2015 – a threefold increase from 2011.

In the “Mobile Commerce Markets” report, Juniper attributes this growth to the increasing use of NFC for in-store payments and transport ticketing applications, two of the fastest growing segments of the mobile commerce market, according to Juniper.

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Six out of 10 consumers in the UK would avoid using NFC to make mobile payments, according to new research from VoucherCodes.co.uk.

Out of 2,000 adults surveyed by VoucherCodes, 60% said they would avoid using NFC to pay for goods even if they had the capability to do so. Of these, 36% cited security as their main reason for avoidance.

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In an effort to promote efficiencies and reduce paperwork costs, three leading identity trust hubs and a certification authority have signed an agreement to promote the use of digital identities and public key infrastructure (PKI) for employees in both the private and public sectors.

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