Survey: Old mag stripe cards more secure than mobile pay
Consumers aren't buying that pay-by-phone is any safer than what they have now
By Juan Rodriguez and Jeff Herman
Those new chip cards in our wallets are more secure than the old magnetic stripe cards, 70 percent of a survey's respondents say. But only 22 percent of those surveyed say mobile payments are safer than the old mag stripe cards.
While most people seem to have accepted the tradeoff of a more secure chip card versus a quicker-to-swipe mag-stripe card in stores, Protiviti's 2015 Consumer Banking and Online Payments Survey found that people are dubious about the safety of mobile payments.
What accounts for the skepticism? The survey authors say that with no clear winner in the mobile payments race -- Apple Pay, Android Pay and Samsung Pay to name just a few -- consumers may be finding it difficult to assess the security of the new payment systems.
The promise of mobile payments and any consumer confusion haven't deterred more players from entering the race. Last month, MasterCard rolled out partnerships to equip key fobs, rings and fashion accessories for mobile payments.
But will we trust our wrist monitors, rings, smartphones to securely pay for our coffee, gas and groceries? The study's findings suggest the jury is still very much out.
The Protiviti survey of more than 2,000 consumers was conducted during the second quarter of 2015 and released Oct. 26.
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Published: November 4, 2015
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