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Security Concerns Holding Back Usage of Online Payment Services, a survey

According
to a
 survey conducted by Kaspersky Lab and B2B
International, 49% of Internet users worldwide felt vulnerable while
shopping online or making online transactions, and 42% of users would
utilize online payment systems more often if they felt
they were protected from cyber fraud. Given these attitudes, it

According
to a
 survey conducted by Kaspersky Lab and B2B
International, 49% of Internet users worldwide felt vulnerable while
shopping online or making online transactions, and 42% of users would
utilize online payment systems more often if they felt
they were protected from cyber fraud. Given these attitudes, it
appears online payment providers are suffering from lack of consumer
confidence in their security measures.

The
survey shows that 62% of users fear financial fraud on the Internet,
and the data uncovered numerous examples of consumer uneasiness. For
example, 40% of those who make payments online are sure that even the
official mobile applications offered by financial companies require
more protection before they’re truly secure. In addition, 37% of
users report terminating a financial operation in the middle of the
process because they were unsure about the security of the
transaction.

The
level of protection against cyber fraud is an important factor for
users when choosing an e-store or a financial service operator: 60%
of respondents said they would prefer companies that offer additional
security measures to protect financial data. Moreover, 75% of those
surveyed expect banks, online payment systems and online stores to
protect their computers and mobile devices from financial fraud.

At
the same time, many users are aware that they need to implement their
own security measures in addition to the protections offered by their
payment providers. While 20% of users place full responsibility for
the security of financial transactions on the banks and 15% believe
they themselves are solely responsible, the majority (60%) of those
surveyed think that both users and banks should be responsible for
the protection of financial information. This suggests that users
would be eager to accept new tools from their financial organizations
to help manage their shared responsibility of preventing online
fraud.

Many
users still feel safer paying cash or using their bank card at a
physical point-of-sale, rather than purchasing online with their
computer or mobile device, and this reluctance hampers the
development of the online payment market. To encourage people to
start using electronic payment services more actively, banks, online
stores and e-pay systems need to reassure users that they are safe
from cyber fraudsters. One way is for payment service providers to
offer extra security layers that are designed specifically to protect
banking transactions and payments made online or from mobile devices
against financial fraud. The presence of these additional
transaction-focused protections gives users immediate and visible
reassurance that their money will be secure,” says Ross Hogan,
Global Head of the Fraud Prevention Division at Kaspersky Lab.

 

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