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Rise in online payments spurs questions over cybersecurity and privacy

Rise in online payments spurs questions over cybersecurity and privacy CNBC 5 hrs ago Sumathi Bala As more and more consumers embrace new methods of payment on e-commerce sites, questions over cybersecurity have become even more critical for businesses. In a Mastercard survey on new payments, a majority of consumers polled said they were willing to consider cashless methods such as digital or mobile wallets, QR codes and even cryptocurrencies.  Threats over cyber security have become a growing concern as more people turn to payments online. © Provided by CNBC As more and more consumers embrace new methods of payment on e-commerce sites, questions over cybersecurity have become even more critical for businesses.

Rise in Online Payments Spurs Questions Over Cybersecurity and Privacy

Ninety percent of the consumers have tried at least one emerging payment type in the last year. And out of those, two thirds of them have actually done it for the first time and would not have done it had it not been for the pandemic, said Sandeep Malhotra, executive vice president of products and innovation, Asia Pacific at Mastercard. And 60% of the consumers would like to shy away from the merchants who do not offer electronic payments of any kind, he told CNBC. Threats over cyber security have become a growing concern as more people turn to online payments. This was borne out in the Mastercard survey, which revealed a troubling rise in online fraud cases as a result of lockdowns during the pandemic.

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