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 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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