Canadian cardholders put security over convenience

Friday 20 February 2015 10:56 CET | News

Two thirds of cardholders ranked security as the primary element of a credit card transaction, more than convenience (14%) and speed (10%), a recent study shows.

According to a new report conducted by Visa Canada, nearly half (48%) of credit cardholders report they worry about fraud when shopping online.

These figures coincide with the four-year milestone of Canadas transition to EMV chip and PIN, following the European example and leading the way for other markets. 83% of transactions processed in Canada are now chip-on-chip (a chip card processed at a chip terminal) and according to Visa data, fraud rates (6 cents for every USD 100 of global Visa transactions) are low.

Findings indicate that more than two thirds (69%) of respondents said they felt the technology was secure, an overwhelming majority (84%) agreed that paying with chip and PIN was easy, and most cardholders (60%) cited an easy transition from magnetic stripe to chip and PIN.

More than half (58%) of credit card users who have made purchases in person reported having used contactless payments, and almost three quarters (74%) of contactless payment users consider this type of payment quicker than other card payments.

When it comes to ecommerce, most credit cardholders have shopped online (86% of cardholders), but many still have privacy and fraud concerns, with 48% reporting they feel their credit card details are less secure online.

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Keywords: online fraud, online security, online authentication, digital identity, cards, online shopping, ecommerce
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
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Securing Transactions

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