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Tuesday, January 22, 2013

Payments by the numbers

Following are research highlights from recently published payments industry reports.

Rising DDoS attacks on banks

According to A Study of Retail Banks & DDoS Attacks conducted by Ponemon Institute LLC, and sponsored by Corero Network Security, 64 percent of bank information technology professionals surveyed reported at least one distributed denial of service (DDoS) attack in the past 12 months. Forty-eight percent of respondents experienced multiple attacks, while 50 percent cited insufficient personnel and expertise and lack of effective security technology as the most serious security concerns.

Younger consumers prefer debit

Auriemma Consulting Group research revealed debit cards are the primary payment method for 49 percent of consumers under the age of 35, and for 45 percent of those in older age brackets. Forty-four percent of younger consumers reported "they had no interest in using credit cards as their main method of payment." Cash payments placed second as the primary form of payment method for 27 percent of those under age 35 and 23 percent of the population overall.

Cash payments reign

A Mercator Advisory Group report, Consumers and Cash: A Love Story, explores how moving from cash to electronic payment transactions represents "one of the few net new growth opportunities for retail financial institutions and tightens revenue streams for governments." The report also discusses the current value of consumer cash payments in the United States, two primary demographic segments of cash usage and what stakeholders can do to aid the transition. end of article

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