Consumers want convenience over troublesome safety procedures when shopping online

 

April 22, 2008

Recent research that has been carried out by the Abbey has shown that when it comes to the prevention of online plastic card fraud, or Card Not Present fraud, consumers seem to be more concerned over how convenient it will be to shop online than having to mess around with complicated security measures to try and protect their safety when shopping online.

The report showed that around 69% of consumers liked to shop online with their cards because they thought that it was a safe and convenient way to shop. Over recent months banks have been bringing in a range of security measures to try and increase security for consumers, but most have not gone down well with customers, who prefer to enjoy convenience over complicated measures.

A number of banks have introduced security devices for consumers to use when conducting online transactions, such as the calculator style device and the key ring device used by Barclays and Lloyds TSB. These devices generate random numbers and codes, which are then used to increase security for the user. However, during research it was revealed that only 32% are happy to use this sort of device. Only 30.5% of respondents were happy to answer an increased level of security questions on their banks’ websites.

A higher level of consumers, around 40%, said that they would like to see their banks conducting better monitoring of online transactions in order to provide them with increase security and protection. Those aged under 25 appeared to be most worried about online card fraud according to the results of the study.

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