News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Most Consumers Still Prize Security over Speed in Online Transactions: Report

Most Consumers Still Prize Security over Speed in Online Transactions: Report

When asked by researchers, consumers still cite security as one of the most important factors when considering engaging in online transactions. The most recent study found only 2 percent of those polled feel speed is more important than security when shopping online. According to the 2017 Consumer Trust and Mobile Payments Growth survey, two-thirds of online shoppers are “concerned” about online banking and shopping security. Twenty-five percent are “very concerned.”

“This research highlights the need for banks, retail, payment and card schemes to strike a better balance between user experience and security,” said David Poole, business development director at MYPINPAD, the London-based authentication technology provider responsible for the research. “Consumers are well informed about the risks of transacting online and on mobile. For many, loyalty and a great experience entail peace of mind and tangible security.”

Trust, according to the survey, is fragile and can result in lost customers when they are affected by fraud after visiting a certain retailer or bank site. After an online fraud event, 11 percent of respondents shopped less and nearly 10 percent said they do not use mobile devices to carry out transactions.

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