The 2017 Consumer Trust Survey Report by MYPINPAD, which analyzes the effects of fraud on ecommerce, has revealed some key findings on what consumers value most about online transactions.
To start, only 2% of those surveyed said that speed was more important to them than security when completing an online transaction. With 29% of the respondents reporting that they have been a victim of online fraud, it’s also no surprise that 67% of respondents also considered themselves concerned with online shopping security.
Interestingly, 40% expressed an interest in using their card’s PIN as a method of authenticating online transactions and half of all respondents wanted the option of using both their PIN in parallel with some sort of biometric authentication.
Sixty-five percent of consumers also believe that small, independent retailers are most at risk from fraud, compared to 44% and 39% who consider large online retailers and banks to be at high risk, respectively.
This shows that ecommerce stores can’t relax when it comes to security if they want to continue to be successful. You need to have robust and up-to-date security incorporated into your ecommerce solution in addition to clearly showing your security credentials to alleviate shopper anxiety to ensure a completed checkout.