Online shoppers are looking for convenience rather than long winded security measures
April 17, 2008
A recent report has shown that many online shoppers are more concerned about making quick and easy online transactions with their credit and debit cards than they are about time consuming security procedures. The report suggests that around 69% of consumers like to shop online using their plastic cards, but many may be at risk of becoming victims of fraud if they do not make the most of security measures that are being introduced by various banks.
When consumers make transactions online using a plastic card this is known as Card Not Present transactions or CNP transactions, where the card is not present in order for the transaction to be completed. The level of fraud in relation to CNP transactions is high, and banks have been trying to find ways to improve security in relation to this type of transaction. A number of banks have brought in different procedures, but these do seem to have proven very popular with consumers.
Some banks have introduced small devices that generate random codes and numbers to be used when online transactions are conducted. However, in a recent survey carried out by Abbey it was revealed that only 32% of consumers were keen on using this type of device, which has been introduced by major banks such as Barclays and Lloyds TSB.
The research also involved asking consumers whether they would be happy to answer additional security questions in order to improve safety and security for themselves, but only 30.5% were happy to do this. 40% of respondents said that banks needed to take more action to monitor online transactions to help reduce plastic card fraud.
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