Security for online shoppers

Adam BakerResearch Manager
April 14, 2011, 6:38 PM UTC

A clear majority of British online shoppers say they have either been the victim of online fraud or are worried that this is something that will happen to them in the future, our poll for online banking payments company eWise payo has found.

  • 95% of British online adults said that they have made purchases online, with 70% saying they shop online at least once a month
  • 21% of those who have made a purchase online said they had been a victim of online fraud
  • 88% have either been the victim of online fraud or are worried that this is something that will happen to them in the future
  • More than two thirds (69%) agreed with the statement: ‘I am concerned about security when paying for goods/services online’
  • Over half (54%) confirmed that they have abandoned an online purchase in the last year, due to fears relating to the security of their details
  • 72% of online shoppers who have online banking access said that they would feel more secure if their bank provided a payment option that allowed them to pay for goods online directly from their online banking account, without sharing account information with the merchant.

Respondents were asked to pick the two payment methods they feel are most secure when making online purchases, and only 20% made debit cards one of their top two choices. Commenting on this finding, John France, managing director at eWise payo, said: ‘This is a worrying sign, it seems banks and consumers have drifted apart.

In spite of the time and money invested in protecting consumer’s online security, retailers’ websites are still being hacked and fraudsters continue to win the battle.’

In January 2011, eWise launched eWise payo, the first and only bank inclusive UK Online Banking ePayments (OBeP) solution, which enables the consumer to initiate secure and private payments for goods and services or bills online, without having to provide personal financial information to any third parties.To use eWise payo, customers are directed straight to their bank’s website where they will log in using their existing account credentials. Once in their online banking application, consumers select from any account with available funds and confirm the payment.

France explained how eWise see the eWise payo product as ‘the answer to the industry’s demand for improved security; the bank demand for innovation; the consumer demand for control and the merchant demand for lower costs’.

See the survey details and results here