Two thirds concerned by online payments security

Two thirds (66 per cent) of UK consumers are more concerned about the security than the speed of making payments online, according new research.

A YouGov study of 2,021 of adults for credit scoring firm Equifax said that security was the top priority across all ages groups, and was a particular concern for over 55s (75 per cent) compared to just over half of 18-24 and 25-34 year olds (52 per cent and 53 per cent respectively).

By contrast, just one in ten said that they were most concerned with speed and simplicity when they arrived at the online checkout process.

The findings come ahead of a September deadline by which European retailers and online merchants will need to implement Strong Customer Authentication rules requiring two stage verification for online transactions worth more than 30 Euros.

However, it would seem that consumers are increasingly supportive of such security measures, with a total of 76 per cent of respondents saying they would be willing to accept a slower or less convenient checkout experience in return for greater payment security.

Almost half (45 per cent) of consumers said security concerns about online payment processes were the reason most likely to put them off using a particular online retailer, more so than having to create an account (14 per cent), a confusing process (eight per cent), or too many steps during checkout (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.”

“New European wide regulations are on the horizon which will require two stage verification for online purchase 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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