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More than Half of Internet Users Fear Financial Fraud when Shopping Online: Kaspersky Report

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Nearly half of all people who shop online feel vulnerable while doing so, with 62 percent of Internet users fear financial fraud when completing a transaction online, according to a recent report by Kaspersky Lab and B2B International.

Released on Monday, the survey looks at attitudes of online shoppers around the world. It seems despite all the innovation in the mobile payments and ecommerce space, consumers are still largely worried about the security of buying things online.

Financial fraud seems to be the chief concern of Internet users surveyed, as 42 percent report that they would use online payment systems more often if they felt better protected from cyber fraud. Thirty-seven percent of users have stopped a transaction halfway through after feeling unsure of the security. The paranoia isn’t all unfounded; recently, Nexcess uncovered an exploit in the Magento ecommerce platform that allows hackers to copy credit card data.

While Internet users do expects sites and apps belonging to banks and other organizations to be secure, they are also willing to accept some responsibility for their own online security, according to the report. Though 20 percent of users believe security is fully the responsibility of the payment provide, 60 percent of those surveyed said that users and banks are responsible for the protection of their information. This statistic reflects changing attitudes in terms of website security across the board. Recently, the WHIR explored steps users can take to ensure they protect the security of their WordPress-based website.

“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,” Ross Hogan, global head of the Fraud Protection division at Kaspersky Lab said.

The lack of trust in online transactions is also reflected in findings of another recent report by Forrester, which found that despite the growth of online retail in the US, 92 percent of retail sales in the country took place offline. More than 16 percent of respondents to this survey said that shopping offline protects their privacy.

 

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