Archive for June, 2008
According to a recent report as many as 69% of consumers now prefer to shop online using their credit and debit cards due to increased convenience, speed, and ease, as well as many feeling that this is the safer way to shop. Of course, online card and banking fraud has been of major concern over recent years, and customers are keen to see banks provide them with more protection when it comes to online card transactions – providing it does not cause any hassle for them.
A recent study was carried out by Abbey, which polled around one thousand people about online card transaction security. The results of the survey indicated that consumers that tend to use the Internet to make purchases with their credit cards are more interested in reducing hassle for themselves than the level of security, preferring security measures that do not pose any inconvenience for them.
Abbey surveyed the popularity of security devices often used by banks these days, where customers are given random numbers or codes when conducting online card transactions. Only 32% of respondents were interested in this sort of security device. Abbey then asked about additional security questions as part of improving security with online transactions, and only 30.5% of respondents through that this was a good idea.
Around 40% of respondents stated that they wanted their banks to monitor transactions more carefully in order to try and reduce card fraud online. The worries about this sort of fraud seemed to be highest amongst consumers aged under 25. Abbey already uses various monitoring processes to ensure the safety of its customers’ card transactions, contacting them by mobile to ensure that they made the transaction and blocking the transaction if no response is received.
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