Ever since the ancient civilizations began to trade goods for services and the basic foundations of currency and economy were established, people have worried about the safety of their possessions. The basic transaction has evolved over thousands of years, but the principle of security has remained the same. No one wants to lose their money.
Once the concept of using cards to pay for products and services - which helped launch the concept of online payments - began, individuals had even greater security concerns. Protecting sensitive customer information became paramount and vendors went to great measures to attain PCI compliance and offer secure checkout solutions.
However, for the first time ever, customers might start to relax their security concerns. This blog has recently covered a number of e-commerce trend predictions made by Forbes earlier this month, and one of the publication's more radical suggestions is that customers will no longer worry about online payment security.
Author Paul Dunay said in the piece that companies can do more with customer information than ever before, as we are entering the age of big data. Because of the benefits customers can receive when vendors use data to adjust their offerings and service strategies, more people are compromising and giving up tight security.
"Because consumers are climbing on board with personalization, they should expect to see more of the general information they share online used by companies," Dunay wrote. "Everything from age, geography and life stage, incorporating social profiles [e.g., married versus single] is predicted to play a part in offering a more relevant, more valuable e-commerce experience."
However, while it may be valuable to implement data into daily processes, protecting it is still of the utmost importance. Customers may be a little more liberal about how it is used, but that's because they are entrusting their vendors to keep it safe. That means merchants have a responsibility to uphold that trust. Using tokenization can prevent targeted attacks and go a long way in improving customer data security.