Public awareness of cybersecurity is still not prevalent even up to today. Since the devastation of the COVID-19 pandemic worldwide, digital payment transactions have also seen an upsurge – making many people more exposed to threats of cyberattacks.
A security researcher’s study revealed that about 90% of Asian respondents had utilised mobile payment applications in everyday digital payment transactions.
Moreover, 2 out of 10 respondents said they started using digital apps only when the pandemic began. The study has also highlighted that the Asia Pacific region (APAC) is the largest contributor to the revenue of global payments.
According to researchers, the key to understanding the factors in furthering the global drive to adapt to digital payment technology lies in studying user interactions and examining their attitude towards them. The figures identified in the study have indicated consumer behaviour and its changes.
Furthermore, the transformation of public transactions online and offline has been impacted by the surge of demands for digital payments. More businesses are turning their operations to a more digitalised system while people’s reliance on them surges.
The studies logged the Philippines as the highest contributor to digital payment transactions in APAC, with 37%. India followed with 23%, Australia with 15%, Vietnam with 14%, Indonesia with 13%, and Thailand with 13%. The global protocol of observing social distancing amid the pandemic is one of the causes of the surge in digital payment transactions, even though there will be security concerns linked to it.
Cybersecurity awareness is slowly being imposed among digital payment consumers following its surge.
Data says that about 48% of consumers fear that their hard-earned money will be compromised online, while 41% fear storing their sensitive financial credentials online. There are 4 out of 10 people who say they do not trust digital payment platforms. 26% of consumers said they find it difficult to operate on the new banking technology, and 25% said their own devices do not have enough security.
Researchers also added that knowing the consumers’ pain points can help enhance the drive to make a more secure digital economy. If consumers know the risks connected to digital payments, developers and cybersecurity experts can investigate the gaps and implement improved security features.
Cybersecurity awareness is more required, especially amid the global pandemic. When it comes to any form of cyberattack, humans can be the weakest link. If consumers do not improve their cybersecurity awareness as early as possible, more problems can only be expected in the future.
