Secure POS Vendor Alliance underlines need for greater payment security measures

Secure POS Vendor Alliance underlines need for greater payment security measures

73 % of consumers surveyed in the United States, France and Great Britain say that more stringent standards are required before they will trust the security of their credit card transactions. And almost half (46 %) are concerned about the potential for a security breach when paying with their credit or PIN-based cards, according to an international survey released by the Secure POS Vendor Alliance (SPVA), a non-profit business organization created by Hypercom, Ingenico S.A. and VeriFone. SPVA focuses on standardized implementation of existing security standards, security of the payment device lifecycle and security threat analysis and intelligence. Growing awareness of data breaches that industry experts have been working to combat for years, leads 62 % of consumers to feel particularly worried about using their card and PIN to make a purchase if the outlet had suffered a data breach. 84 % say that companies that suffer a data breach should be required to make the incident public, reinforcing the idea that vendors and retailers run the risk of devastating their brand if a breach occurs. 65 % of respondents report that they are often or always concerned about Internet fraud. However, those fears may be unfounded. Only 43 % of those who reported having their security compromised believe it happened online. Christophe Dolique, SPVA Chairman and EVP, Global Marketing & Transaction Services at Ingenico, said: "Security is clearly a pivotal issue for the industry and consumers. These findings confirm the strong correlation between the strength and quality of security and consumers' views and behaviors toward using card payment systems presenting the payments industry with a unique opportunity to come together and achieve positive change."