Report: Consumers’ Security Concerns Still Dog Online Payments

Aug. 28, 2014

Report: Consumers’ Security Concerns Still Dog Online Payments While consumers are increasingly turning to the Internet to shop or make other online transactions, about half feel “vulnerable” doing so, according to the results of research conducted by Kaspersky Labs and B2B International. In fact, that feeling is keeping a significant number of consumers from transacting online more often. Forty-two percent of respondents said they would use online payment methods (both via laptops and mobile devices) more often if they knew they could count on reliable security. What they don’t want, is for that responsibility to rest solely on their own shoulders.

“The vast majority of users agree that the security of financial transactions must be ensured by the companies conducting these transactions,” the authors wrote in the report. “Three quarters of respondents prefer banks, payment systems and online stores to provide them with special security solutions, including applications for mobile devices. Only 15 percent of users said that they themselves should be [responsible], while 20 percent placed full responsibility on their bank. Most (60 percent) believed that both sides should ensure the protection of electronic transfers and payments equally.”