The Consumer Trust and Mobile Payments Growth survey analyses how and why online commerce has been damaged by fraud, the effects this has had on consumer’s subsequent decisions about transacting online, and the level of trust consumers have in online commerce.
The results indicate that 40% of respondents would like to use cardholder PIN as a means of authenticating an online transaction and 50% would like to use a combination of both PIN and biometrics. This means that consumers have great concerns about fraud, with 67% worried about their online banking and shopping security.
Trust is being harmed and this is influencing consumers’ behaviour; 61% stated information about data breaches and online fraud has impacted their trust of online shopping and banking. As a result, 11% shop less and almost one in 10 said they do not use mobile devices to carry out transactions.
David Poole, Business Development Director at MYPINPAD, said the research highlights the need for banks, retail, payment and card schemes to strike a better balance between user experience and security. Consumers are well informed about the risks of transacting online and on mobile. He believes that multi-factor authentication and transparency around appropriate security practices are key to winning consumer trust.
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