According to a survey by Kaspersky Lab and B2B International, 44% of European Internet users feel vulnerable when shopping or making online transactions. At the same time, 38% of users said they would use electronic payment systems more often if they felt protected from digital fraud. Considering these attitudes, it seems that there is a lack of trust in the security measures taken by electronic payment providers.
The research shows that 62% of Europeans fear financial scams on the Internet, and it highlights many cases where users do not feel comfortable. For example, 34% of Europeans who make online payments feel that even the official mobile applications of financial companies need more protective measures to provide real security. Additionally, 44% reported that they interrupted an electronic payment process halfway, as they doubted the security of the transaction.
The protection level against digital fraud is an important criterion for users when they choose an online store or a financial service. At 61%, European respondents said they would prefer companies that offer additional security measures to protect their financial data. Additionally, 71% expect banks, electronic payment systems and online stores to protect consumers' computers and mobile devices from financial fraud.
At the same time, many users recognize that they must implement their own security measures, beyond the measures offered by payment service providers. While 22% of users place full responsibility for the security of financial transactions on banks and 14% believe that the users themselves are solely responsible for their protection, the majority (59%) of respondents believe that the protection of financial data should be the responsibility of both. This shows that users are willing to adopt new tools from financial institutions that will help them combat electronic fraud, as they also perceive their own share of responsibility.
«Many users still feel safer paying with cash or using their bank card in physical stores, rather than making online purchases from a computer or their mobile device. This reluctance hinders the growth of the e‑commerce sector. To encourage active use of electronic payment services, banks, online stores and e‑payment systems are called upon to assure users that they are safe against digital criminals. One solution for payment service providers is to offer additional layers of protection against attempts at financial fraud, specifically designed for the security of online or mobile banking transactions and payments. The presence of this extra protection, which focuses on transactions, immediately reassures users, giving them confidence that their money will be safe», said Ross Hogan, Global Head, Fraud Prevention Division of Kaspersky Lab.
To strengthen consumer trust in online and mobile payment systems, companies can leverage the Kaspersky Fraud Prevention. The components that make up this multi-layered solution are installed both in the enterprise's IT infrastructure and on customer devices, including computers, tablets and smartphones. In addition, the solution integrates tools that can be used to create secure mobile applications, based on advanced Kaspersky Lab technologies and unique information services on the latest digital threats and appropriate ways to deal with them.
