Consumers losing trust in online payments

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According to a survey carried out by Kaspersky Lab, concerns over data security are leading to a reduction in trust with online transactions by consumers.

The data security provisions of banks have become a real concern for customers when they are deciding who they can trust with their own personal data and transactions. Survey involved more than 11,000 consumers and found that nearly 60% of the participants would prefer not to have a provider that had recently had a data security problem.

The research also showed that the consumer is more likely to hold the provider responsible for ensuring that the defences are solid. Nearly 60% of participants admitted that they would be more likely to select a provider if it offered additional security measures.

Around two-thirds of consumers are concerned about the level of data security that companies have. This figure has risen by 9% since the same time the previous year.

Kaspersky Lab Global Head of Fraud Prevention Ross Hogan has said that many people these days are relying on mobile banking services and an increasing number of payments being made online. Most people expect that the appropriate security measures are being taken.

The research indicated that nearly half of all customers would make more use of online payments if they knew that the right protection was in place. Mr Hogan has said that it is clear that providers should be doing more to protect data provided in transactions in order to ensure ‘the long-term profitability and reputation of their business’.