Kaspersky Lab Study Shows Consumer Security Concerns of Online Financial Payment Services
Woburn, MA – August 25, 2014 – According to the Consumer Security Risks survey for 2014, conducted by Kaspersky Lab and B2B International, there is a decrease in consumer confidence of the security around online financial transactions. The survey results showed 49 percent of participants worldwide felt vulnerable while shopping online or making online transactions, and 42 percent would utilize online payment systems more often if they felt they were protected from cyber fraud.
In addition, 62 percent of users fear financial fraud on the Internet, and the data uncovered numerous examples of consumer uneasiness. For example, 40 percent of those who make payments online feel that the official mobile applications offered by financial companies require more security protection. In addition, 37 percent of users report terminating a financial operation in the middle of the process because they were unsure about the security of the transaction.
The level of protection against cyber fraud is an important factor for consumers when choosing an e-store or a financial service operator: 60 percent of respondents said they would prefer companies that offer additional security measures to protect financial data. Moreover, 75 percent of those surveyed expect banks, online payment systems and online stores to protect their computers and mobile devices from financial fraud.
At the same time, many users are aware that they need to implement their own security measures in addition to the protections offered by their payment providers. While 20 percent of users place full responsibility for the security of financial transactions on the banks and 15 percent believe they themselves are solely responsible, the majority (60%) of those surveyed think that both users and banks should be responsible for the protection of financial information. This suggests that users would be eager to accept new tools from their financial organizations to help manage their shared responsibility of preventing online fraud.
“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. To encourage people to start using electronic payment services more actively, banks, online stores and e-pay systems need to reassure users that they are safe from cyber fraudsters. One way is for payment service providers to offer extra security layers that are designed specifically to protect banking transactions and payments made online or from mobile devices against financial fraud. The presence of these additional transaction-focused protections gives users immediate and visible reassurance that their money will be secure,” says Ross Hogan, Global Head of the Fraud Prevention Division at Kaspersky Lab.
One way to achieve increased confidence in online payment systems and mobile payment platforms is with the help of the Kaspersky Fraud Prevention platform. The components of this multilevel solution are installed in both the business’s IT infrastructure and on client devices including computers, tablets and smartphones working on different platforms. Additionally, the solution integrates tools that can be used to create protected mobile apps based on Kaspersky Lab’s advanced technologies, as well as intellectual services providing information about the latest cyber threats and ways to combat them.
Kaspersky Lab is the world’s largest privately held vendor of endpoint protection solutions. The company is ranked among the world’s top four vendors of security solutions for endpoint users*. Throughout its more than 17-year history Kaspersky Lab has remained an innovator in IT security and provides effective digital security solutions for large enterprises, SMBs and consumers. Kaspersky Lab, with its holding company registered in the United Kingdom, currently operates in almost 200 countries and territories across the globe, providing protection for over 300 million users worldwide. Learn more at www.kaspersky.com.
* The company was rated fourth in the IDC rating Worldwide Endpoint Security Revenue by Vendor, 2012. The rating was published in the IDC report "Worldwide Endpoint Security 2013–2017 Forecast and 2012 Vendor Shares (IDC #242618, August 2013). The report ranked software vendors according to earnings from sales of endpoint security solutions in 2012.
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