A recent report, The Privacy Paradox: Securing Data To Build Customer Engagement, developed in collaboration between PYMNTS and Very Good Security, found that while 85% of consumers are conducting more of their lives digitally, 87% refuse to do business with a company if they have doubts about the way the company handles their personal data.
The study also found 81% are concerned with providing their personal data (PII) to access online accounts and 51% are worried about storing their payment credentials online. In addition, 85% of consumers used trustworthiness in managing their data and protecting them from fraud as a key determinant of where they will shop.
The paradox for merchants is providing consumers with secure online interactions that protect consumer PII while also providing frictionless checkout experiences that leverage that sensitive data.
Very Good Security has been able to help merchants address this challenge with our security approach, converting sensitive information such as credit card data into aliases before it touches merchants’ systems. All of this happens seamlessly in the background without any impact to the consumers’ shopping experience.
Unlike traditional payment tokens, VGS aliases protect sensitive data in transit, at rest, and in use – across multiple payment service providers which also helps to reduce cost and regulatory compliance liability.
Learn more about how VGS can help you solve the privacy paradox with a demo.
