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Online payment security more important than convenience, for consumers

by: Mortgage Solutions
  • 08/07/2019
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British consumers care far more about online payment security than speed, simplicity and convenience, according to research.

 

A YouGov survey from Equifax of 2,021 consumers showed two thirds of people rate safe and secure payments as the most important factor in the online checkout process, with only one in ten being most concerned about speed or simplicity.

Security ranked highest across all age groups and was a particular concern for over 55s compared to just over half of 18-24 and 25-34 year olds (52 per cent and 53 per cent respectively).

Meanwhile, almost half said security concerns about online payment processes would stop them using a particular online retailer, where 14 per cent having to create an account would put them off. A confusing process would put off 8 per cent and too many steps during checkout would annoy six per cent.

Keith McGill, head of ID and fraud at Equifax, said: “With more than 20 per cent of retail revenues coming from online sales, it’s positive to see so many consumers have security front of mind when they’re at the online checkout. The latest stats from Cifas do however show an increase in identity fraud so it’s important shoppers remain vigilant. If you have any doubts about the professionalism of a website you should always think very carefully before entering your personal or payment details.

“New European wide regulations are on the horizon which will require two stage verification for any online purchase for more than 30 euros, similar to the security checks used for online banking. While this might feel like an extra hoop to jump through, it’s an important step forward in the ongoing battle to fight fraud.”

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