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No more cash or credit cards by 2030, says 70% of global consumers

By the year 2030, mobile payments will be secure enough to replace cash and credit cards according to 70 percent of consumers.

IEEE's Global Cyber-security Survey studied the responses of 1,903 technology enthusiasts from the UK, India, the US, Mexico, Brazil, Germany and more about their views on digital safety and the future of cyber-security.

When it comes to mobile payment technology, respondents were most concerned about payment information hacks (48 percent), unauthorised payment processed by mobile payment provider (31 percent), accidental payments made by NFC tag and/or QR code (13 percent) and virus infection via a QR code (eight percent).

Over a quarter (26 percent) of respondents said that the cloud was the least preferred method for storage of their information. About half (49 percent) said that personal computer logs were their first option for storing information.

Respondents felt that online banking (72 percent), syncing to the cloud (53 percent) and banking/mortgage information (60 percent) were extremely risky to have available on certain platforms.

The results found that 22 percent of participants have automated alerts set up for any attempted connectivity, 11 percent use visualised monitoring in real-time and three percent connect to a cloud monitoring system. Identity theft (42 percent), online anonymity (27 percent) piracy (18 percent) and viruses (12 percent) would be most affected by continued developments of cyber-security.

Diogo Monica, IEEE member and security lead at Docker said: “Now more than ever, cyber-security is a necessary safeguard to our digital lives. Cyber-attacks can now unfortunately happen in nearly every element of our lives, such as our car, connected home and wearable devices. Whether it's putting more reliance in digital systems for our currency or trusting that our email accounts are secure, we need to be cognizant and take the necessary precautions to protect our digital footprint.”

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