First Tap-to-Authenticate Report Released by PYMNTS Intelligence and Arculus by CompoSecure, Highlighting Top Security Concerns for Financial Institutions
CompoSecure and PYMNTS Intelligence released the industry's first tap-to-authenticate report, revealing critical security challenges in financial institutions (FIs). The study shows that 87% of FIs experienced an increase in stolen credentials amid rising fraud cases. 69% of FIs are prioritizing authentication system improvements, with 77% considering tap-to-authenticate metal cards.
The report, based on data from 200 financial institution executives, highlights that among FIs using metal cards, 96% expect improved customer experience and loyalty, 92% see ROI potential, and 84% anticipate higher profits and improved security with tap-to-authenticate technology. CompoSecure's Arculus Authenticate solution offers a dual-function card serving as both authentication passkey and payment card.
CompoSecure e PYMNTS Intelligence hanno pubblicato il primo rapporto dell'industria sul tap-to-authenticate, mostrando le sfide di sicurezza critiche nelle istituzioni finanziarie (IF). Lo studio rivela che l'87% delle IF ha registrato un aumento dei credenziali rubati in un contesto di frodi in crescita. Il 69% delle IF stanno dando priorità ai miglioramenti nei sistemi di autenticazione, con il 77% che considerano le carte in metallo con funzione tap-to-authenticate.
Il rapporto, basato su dati provenienti da 200 dirigenti di istituzioni finanziarie, evidenzia che tra le IF che utilizzano carte in metallo, il 96% si aspettano un miglioramento dell'esperienza cliente e della fedeltà, il 92% vedono potenziali ROI, e l'84% prevedono profitti più elevati e una maggiore sicurezza grazie alla tecnologia tap-to-authenticate. La soluzione Arculus Authenticate di CompoSecure offre una carta a doppia funzione che serve sia come chiave di autenticazione che come carta di pagamento.
CompoSecure y PYMNTS Intelligence han lanzado el primer informe de la industria sobre el tap-to-authenticate, revelando desafíos críticos de seguridad en las instituciones financieras (IF). El estudio muestra que el 87% de las IF experimentaron un aumento en las credenciales robadas en medio del incremento de casos de fraude. El 69% de las IF están priorizando mejoras en sus sistemas de autenticación, y el 77% considera las tarjetas de metal con función de tap-to-authenticate.
El informe, basado en datos de 200 ejecutivos de instituciones financieras, destaca que entre las IF que utilizan tarjetas de metal, el 96% espera una mejor experiencia del cliente y lealtad, el 92% ve potencial de ROI, y el 84% anticipa mayores ganancias y una mejor seguridad con la tecnología tap-to-authenticate. La solución Arculus Authenticate de CompoSecure ofrece una tarjeta de doble función que sirve como llave de autenticación y tarjeta de pago.
CompoSecure와 PYMNTS Intelligence는 업계 최초의 탭-투-인증 보고서를 발표하여 금융 기관(FI)에서의 중요한 보안 문제를 밝혀냈습니다. 연구에 따르면 87%의 FI가 증가하는 사기 사건 속에서 도난된 자격 증명이 늘어났습니다. 69%의 FI가 인증 시스템 개선을 우선시하고 있으며, 77%는 탭-투-인증 메탈 카드를 고려하고 있습니다.
이 보고서는 200명의 금융 기관 임원의 데이터를 기반으로 하여, 메탈 카드를 사용하는 FI 중 96%가 고객 경험 및 충성도 향상을 기대하고, 92%가 ROI 잠재력을 보고하며, 84%가 탭-투-인증 기술을 통해 더 높은 이익과 개선된 보안을 예상하고 있음을 강조합니다. CompoSecure의 Arculus Authenticate 솔루션은 인증 키와 결제 카드 역할을 하는 이중 기능 카드를 제공합니다.
CompoSecure et PYMNTS Intelligence ont publié le premier rapport de l'industrie sur le tap-to-authenticate, révélant des défis de sécurité critiques au sein des institutions financières (IF). L'étude montre que 87% des IF ont connu une augmentation des identifiants volés alors que les cas de fraude augmentent. 69% des IF donnent la priorité à des améliorations de leur système d'authentification, et 77% envisagent des cartes métalliques avec la fonction tap-to-authenticate.
Le rapport, basé sur des données de 200 dirigeants d'institutions financières, souligne que parmi les IF utilisant des cartes métalliques, 96% s'attendent à une expérience client améliorée et une fidélité accrue, 92% voient le potentiel de retour sur investissement, et 84% anticipent des bénéfices plus élevés et une sécurité renforcée grâce à la technologie tap-to-authenticate. La solution Arculus Authenticate de CompoSecure offre une carte à double fonction servant à la fois de clé d'authentification et de carte de paiement.
CompoSecure und PYMNTS Intelligence haben den ersten Bericht der Branche über Tap-to-Authenticate veröffentlicht, der kritische Sicherheitsherausforderungen in Finanzinstituten (FIs) aufzeigt. Die Studie zeigt, dass 87% der FIs einen Anstieg von gestohlenen Anmeldedaten inmitten steigender Betrugsfälle verzeichneten. 69% der FIs priorisieren Verbesserungen von Authentifizierungssystemen, wobei 77% die Verwendung von Tap-to-Authenticate-Metallkarten in Betracht ziehen.
Der Bericht, der auf Daten von 200 Finanzinstitut-Executives basiert, hebt hervor, dass unter den FIs, die Metallkarten verwenden, 96% eine verbesserte Kundenerfahrung und -loyalität erwarten, 92% das ROI-Potenzial sehen und 84% höhere Gewinne und verbesserte Sicherheit mit der Tap-to-Authenticate-Technologie antizipieren. Die Arculus Authenticate-Lösung von CompoSecure bietet eine Dual-Function-Karte, die sowohl als Authentifizierungsschlüssel als auch als Zahlungskarte dient.
- 87% of heads of fraud believe Arculus-like devices will reduce fraud and false positives
- 96% of FIs using metal cards expect improved customer experience and loyalty
- 92% of FIs perceive ROI potential with tap-to-authenticate technology
- 84% anticipate higher profits and improved security
- 87% of financial institutions report increased stolen credentials
- Current authentication methods showing inadequate security and poor user experience
Insights
87 percent of financial institutions report a rise in stolen credentials as fraud cases surge, according to new survey
SOMERSET, N.J., Dec. 05, 2024 (GLOBE NEWSWIRE) -- CompoSecure, Inc. (Nasdaq: CMPO), a leader in metal payment cards, security, and authentication solutions, released the industry’s first tap-to- authenticate report in collaboration with PYMNTS Intelligence, a leading payments analyst organization. The report identified the top security challenges facing financial institutions (FIs), reporting that
“The PYMNTS Intelligence report underscores that the time for decisive action is now, with nearly
The report highlights that the current inconsistency in authentication methods across various transactions has proven inadequate for FIs, creating both security gaps and a poor user experience. The report survey found
According to the report,
“The report highlights a significant challenge for financial institutions and signals that current security measures may no longer suffice in today’s digital landscape,” added Lowe.
The PYMNTS Intelligence report used quantitative data and feedback from 200 financial institution executives in fraud prevention, product development, and cybersecurity roles. The analysis evaluated current fraud patterns, authentication protocols, and the anticipated ROI of advanced authentication strategies. By examining these findings in-depth, the report sheds light on effective countermeasures and the potential of next-generation security tools.
For more insights, download the full report here.
About CompoSecure
Founded in 2000, CompoSecure (Nasdaq: CMPO) is a technology partner to market leaders, fintechs and consumers enabling trust for millions of people around the globe. The company combines elegance, simplicity and security to deliver exceptional experiences and peace of mind in the physical and digital world. CompoSecure’s innovative payment card technology and metal cards with Arculus security and authentication capabilities deliver unique, premium branded experiences, enable people to access and use their financial and digital assets and ensure trust at the point of a transaction. For more information, please visit www.CompoSecure.com and www.GetArculus.com.
For CompoSecure
Anthony Piniella
Head of Communications
(917) 208-7724
apiniella@composecure.com
FAQ
What percentage of financial institutions reported increased stolen credentials according to CompoSecure (CMPO)?
How many financial institutions are considering tap-to-authenticate metal cards from CompoSecure (CMPO)?
What percentage of financial institutions using CompoSecure (CMPO) metal cards expect improved customer experience?
