Consumers concerned about online financial payments, as threats loom

Online shopping is extremely popular, but more customers are becoming aware of cyber threats growing in both frequency and sophistication.

Published Tue, Aug 26 2014 8:29 AM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

There has been a decrease in consumer confidence when it comes to online financial transaction security, as we've all seen a large number of point-of-sale (POS) data breaches in the past year. Forty-nine percent of survey respondents said they felt vulnerable when shopping online, with 42 percent saying they would use online payment more if they were better protected, according to security firm Kaspersky Lab and B2B International.

Consumers concerned about online financial payments, as threats loom | TweakTown.com

Consumers are becoming more aware of online threats, and cyber fraud detection is an important consideration for shoppers. However, users are still not doing a good job of protecting themselves, but 60 percent of survey respondents said it's up to banks and shops alike to ensure payment information is kept secure.

"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," said Ross Hogan, Kaspersky Lab global head of fraud prevention, in a press statement. "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."

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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