August 16, 2018
North American and U.K. online shoppers are far more likely than Germans and Austrians to view fraud as an inevitable part of transacting via e-commerce, according to a new report. In Lost in Transaction 2018, online payment provider Paysafe found that while consumers are shopping online more this year than last, most have a fatalistic attitude about fraud. Around two-thirds of Americans (70 percent), Britons (65 percent) and Canadians (64 percent) accept fraud risk as inevitable when shopping online. Only 28 percent of Germans, however, express acceptance of fraud, which could explain why payment methods they consider safer, such as bank-account based ones and payment by invoice, are so much more popular there.
“In the U.K., we have now reached a level of maturity in online retail – most websites are optimized, the checkout process is increasingly simple and delivery is getting quicker,” said Oscar Nieboer, chief marketing officer for Paysafe Group. “In turn, more consumers are telling us they are accepting a level of fraud for this convenience.”
The research also found that digital wallets are the most popular form of online payment, with half of all online shoppers having used one to make an e-commerce purchase in the last month. However, far greater numbers of U.K. consumers (61 percent) and Germans (60 percent) report using them than Americans (39 percent).