COGNIZANT CONSULTING
Helping organizations engage people and uncover insight from data to shape the products, services and experiences they offer
Learn More
  • Working to reshape business models, modernize products and enhance customer experiences to drive growth.
  • Reinventing and managing your most essential business processes with new ways of working.
  • Simplifying, modernizing and securing the IT infrastructure and applications that are the backbone of your business.
COGNIZANT CONSULTING
Helping organizations engage people and uncover insight from data to shape the products, services and experiences they offer
Learn More

Contact Us

THANKS FOR YOUR INTEREST IN COGNIZANT.

We'll be in touch soon!

x CLOSE

Refer back to this favorites tab during today's session for access to your selections.
Refer back to this favorites tab during today's session for access to your selections.x CLOSE

Perspectives

Secure Payments (Part 1) How Card Issuers and Merchants Can Stay Ahead of Fraudsters

2016-05-03


Almost half of the losses from card fraud globally occur in the U.S. even though it accounts for only 21% of card purchases. The average cost of data breaches to U.S. businesses rose by nearly 10% to $6.53 million in 2015. Clearly, making payments is not as secure as it should or could be. To assess the state of payments, we surveyed 509 U.S. consumers, 50 issuers and 52 merchants and acquirers.

The infographic below, the first in a two-part series, presents insights from the survey. It explains why payment security is at greater risk than before and the potential costs of data breaches. It presents an overview of the measures taken by merchants and issuers to ramp up security. A detailed analysis of these efforts, and the strengths and vulnerabilities of the various methods employed, are also presented. For our views on how merchants and issuers can outsmart fraudsters, read the second part of this series.

For a more detailed analysis, read our whitepaper, “Secure Payments: How Card Issuers and Merchants Can Stay Ahead of Fraudsters.” 

Related Thinking

Save this article to your folders


Save

PERSPECTIVES

Banking in the Digital Era Regaining...

Amid wavering consumer confidence, changing banking behaviors,...

Save View

Save this article to your folders


Save

PERSPECTIVES

Four Key Considerations to a Superior...

By focusing on customer interfaces, mining meaning from interactional...

Save View

Save this article to your folders


Save

PERSPECTIVES

Hearing Consumers Through the Social...

The power of social media over brands is disproportionate to the buying...

Save View
Secure Payments (Part 1) How Card Issuers and Merchants Can Stay Ahead of Fraudsters