2020 proved to be a transformational year for the world of payments. Driven by the pandemic, digital payments became a lifeline for payers seeking convenient, at-home, contactless payment options. Not only did this accelerate the adoption of digital payments, it also shifted consumer behavior in an irrevocable way. But with consumers becoming more digitally savvy, identity theft has continued to prevail.
According to ACI Worldwide’s recently released ACI Speedpay 2021 Trend Report, Government Edition, 17.5 percent of consumers have fallen victim to online identity theft and less than 50 percent (48%) believe their data is more secure than it was five years ago. Clearly, there is still work to be done in terms of earning consumer trust, with trust being a key consideration when interacting with brands. With nearly 70 percent of bill payers preferring to make one-time bill payments through websites, mobile or smart devices, the need for smarter, stronger security solutions that are built for digital, real-time payments, has become greater.
So how can governments become more trustworthy in the eyes of their citizens? Education is essential. Only 31.5 percent believe companies offer proper education on how they are keeping their data secure. Governments should leverage key touchpoints such as emails, web portals and social media to surface videos and resources dedicated to security.
New payment methods have also given rise to new security measures, including authentication methods like biometrics. Governments should seek vendors that can deliver fingerprint and facial recognition capabilities, backed by resources indicating how these will be used and why they are essential.
And if there is one thing governments understand, it is regulations. Keeping up with the latest industry regulations and best practices will ensure citizens are protected to the highest degree possible. It is important to remember that compliance is not a “set it and forget it” proposition. Industry regulations are dynamic, necessitating ongoing attention to maintain compliance.
Of course, a simple way to deliver the payments citizens want, backed by the security they need, is to work with a trusted billing and payments vendor. The world of payments has never been more complex. To stay ahead and better serve citizens, seek experts that can accelerate time to market while reducing PCI scope requirements.
Click here to download the full ACI Speedpay 2021 Trend Report, Government Edition and claim your ACI Worldwide security swag box.