New Consumer Trust Report Finds Overwhelming Majority of Consumers Value Security Over Speed in Payments
A new study released last week by British multi-factor authentication firm MYPINPAD has found that 98 percent of survey respondents believe that security is more important than speed when completing an online transaction, with 67 percent identifying as concerned about online shopping and banking security and nearly a quarter identifying as very concerned. Only 2.7 percent of respondents said they were not at all concerned about online and banking payments security, according to the report.
While safety and security topped concerns for online payments, 10 percent of respondents indicated that they had no idea whether they have fallen victim to online fraud. And 61 percent said that stories about data breaches and fraud have impacted their trust of online shopping and banking.
In fact, the most significant impact on trust was on retailers, according to the study. Sixty-five percent of respondents said smaller independent retailers were the most at risk for fraud, followed by large online retailers at 44 percent and banks at 39 percent.
Nine out of ten respondents use their smartphones to carry out transactions, the survey found, with online shopping and mobile banking topping out the most common uses. With global payment card fraud costs topping $22 billion last year, according to the study, 57 percent of respondents expect online commerce security to improve over the next five years.
The report did not include methodological information.
The full report can be found here.