It is important for financial institutions and payment companies to mitigate fraud risks, enhance security and build trust. This LTP survey was conducted in partnership with Payfone to understand the voice of the readers as it relates to payments security and authentication. The survey was conducted for three weeks and the sample size of the survey was 193. We asked the following questions in the survey:
- Do you use your mobile device to make payments?
- Do you trust your bank?
- How do you think the recent media coverage of Apple Pay fraud affected the likelihood that consumers will use mobile wallets?
- Who do you believe will be MOST influential in helping to solve the payments industry’s mobile wallet security & authentication issues?
- What method of authentication for mobile wallets do you believe is currently the most effective?
- What method of authentication for mobile wallets do you believe is currently the least effective?
- When do you believe fraud is most likely to take place during the authentication process for mobile payments?
- What is missing in current mobile wallet models?
Below are the findings from this survey, some surprising, some insightful, and presented here in their entirety: