Monday, January 17

Cybersecurity is a priority for Latin American consumers, reveals Mastercard study – – Financial News from Panama

As consumers enter the digital economy in large numbers, a study commissioned by Mastercard from Kantar revealed that cybersecurity has become paramount to them.

The study “Digita Safety Barometerl ”from Mastercard, first introduced at the 10th Annual Mastercard Innovation Forum This week, it revealed that 87% of consumers are aware of cyberattacks, 75% reported being the victim of cybercriminals in one way or another, and 20% said a company leaked their personal information.

In less than a decade, cybersecurity has become one of the most important systemic problems for the global economy. Cyberattacks are becoming more sophisticated and costly, creating a $ 350 billion problem worldwide and costing $ 5.2 trillion annually in losses.

As the use of digital services has increased throughout the Covid-19 pandemic, scams, fraud and cyberattacks against individuals and businesses have also grown rapidly.

Other data from the Mastercard Digital Security Barometer survey shows the following:

The protection of personal data is also important: With the increase in digitization comes the concern that personal data will be exposed. According to the survey, the protection of personal data is a sensitive issue in the region. Consumers are aware of the impact that breaching the security of their personal information can have. For 92% of consumers, the exposure of their social security number, mobile phone number and the results of their medical exams, would be the ones that would cause the “most harm”.

Consumers are increasingly proactive in seeking protection: When asked “How secure do you think companies keep your information”, the average score was 3 on a scale of 0 to 10, where 0 represents “Not sure” and 10 represents “Very secure.” As a result of this perception, 70% of those surveyed say they have adopted a biometric identifier.

Consumers are demanding more clarity: Almost everyone has experienced the frustration of trying to decipher very short or unrecognizable purchase descriptions when looking at their card statements online. In Latin America, 77% of consumers have problems determining what some of the transactions that appear in their digital accounts correspond to.

“Building trust in every transaction and interaction is more important than ever. It is no longer enough for individual actors to invest in cybersecurity systems that offer protection just for them. All players in the payments ecosystem must invest in the right foundations and barriers that create a shield around the entire supply chain, “he says. Jorge Arbesú, Senior Vice President of Cybernetics and Intelligence at Mastercard.

00As a technology company in the world of payments, trust and security are essential for us ”, adds Arbesu.

In LAC, Mastercard’s cybersecurity approach is focused on addressing the challenges of the digital economy through the following actions:

1.- Protect the digital ecosystem with Artificial Intelligence

As the digital economy expands, both in scale and complexity, so do its points of vulnerability. Launched in LAC in 2020 as part of Mastercard’s newly acquired Risk Recon venture, Cyber ​​Secure is a suite of AI-powered tools that enables banks (and any type of entity) to assess cyber risk across their ecosystem and prevent possible security breaches. With these capabilities, businesses and governments can continually identify and prioritize threats and vulnerabilities throughout their cyber environment.

2.- Offer security by validating the identity of a person

The key to building trust in the digital world is the ability to prove your digital identity: prove who you are, whether you are interacting in person, online or in an app. To further our efforts in identity verification, Mastercard acquired Ekata in 2021. Ekata helps a wide range of global merchants, financial institutions, travel companies, markets and digital currency platforms identify good consumers and businesses – and bad actors – in real time during online account opening, payments and other digital interactions. Furthermore, the combination of physical and behavioral biometrics analyzed by Nudata it plays an increasingly important role in confirming that the consumer is who they say they are.

3.- Provide clarity and transparency to the consumer

In 2020, Ethoca (a Mastercard company) launched Consumer Clarity to help reduce unnecessary disputes and costly chargebacks caused by transaction confusion. Consumer Clarity provides cardholders and financial institutions with purchase and merchant information, such as easy-to-recognize merchant names and logos, details on the location of purchases, and detailed digital receipts.

Despite concerns, consumers are not going to give up the benefits of an increasingly connected world: 55% of respondents agree that it is safer to pay their bills online than in person with cash . Latin Americans also continue to make more and more purchases online. 68% declared having made at least one online purchase per month. Specifically, Brazil and Mexico reported the highest frequency of online purchases, with an average of more than two transactions per month.

“Whether consumers are shopping in a physical store or on their computer or mobile phone, Mastercard is using the most advanced tools to create a simple, secure and intuitive consumer experience. We are offering consumers peace of mind so that they can interact digitally with confidence, without having to choose between comfort or security, ”says Arbesú.