Cyber Monday Loses its Allure, Security Concerns Dog Biometric Authentication: Report

They just don’t make Cyber Monday deals like they used to, said online shoppers polled in a new report. Of the 76 percent of U.S. and U.K. consumers who plan to shop online this holiday season, only 38 percent plan to do so on Cyber Monday, according to the Computop 2016 Holiday Shopping Study. Respondents blamed a paucity of big savings for the pullback.

The report also looked at preferred payment methods. In the U.S., the most trusted online payment method was the credit card, preferred by 59 percent of those polled, followed by PayPal (35 percent) and debit cards (25 percent). U.K. consumers, on the other hand, identified PayPal as the payment method in which they had the most trust (50 percent), followed by credit card (38 percent) and debit card (33 percent).

And, while security topped a list of online customer concerns, using biometrics for authentication had consumers worried, too. Only 19 percent of those polled felt the benefits of using biometrics instead of passwords to authenticate purchases outweighed the security risks. More than a quarter of respondents said they were worried about their biometric data being spoofed.

“It’s not surprising to see the online shopping trend expected to continue this holiday season,” said Ralf Gladis, CEO of Computop.  “What was particularly interesting is that despite the sustained interest in purchasing online, consumers continue to have significant concerns about the security of their personal information. However, they are not necessarily interested in taking extra steps to protect themselves—and in the case of the newer authentication technologies we agree.  Before moving forward with features like these, it’s critical as an industry that we are able to ensure this data is stored securely before we potentially open up a possible new area for identify theft.”