Online payments: Brits have security front of mind, Equifax
Brits care far more about online payment security than speed and convenience, according to research carried out by YouGov on behalf of Equifax.
66% of the 2,021 people surveyed rated safe and secure payments as most important in the online checkout process, with only one in ten being most concerned about speed or simplicity. Staying safe ranked highest across all age groups, and was a particular concern for over 55s (75%) compared to just over half of 18-24 and 25-34 year olds (52% and 53% respectively).
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A further 76% of Brits would be willing to accept a slower or less convenient checkout experience in return for greater payment security. Meanwhile, 45% said such concerns were the reason most likely to put them off using a particular online retailer, more so than having to create an account (14%), a confusing process (8%), or too many steps during checkout (6%).
Keith McGill, Head of ID and Fraud at Equifax, says: “With more than 20% 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,” he concludes.
Guilty!
The former CIO of Equifax was recently sentenced to four months in prison and handed a substantial fine for insider trading following the company's massive data breach in 2017. Jun Ying was found guilty of selling $950,000 worth of company shares in March after learning that Equifax had sustained said data breach, according to the US Attorney's Office for the Northern District of Georgia.