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Equifax’s survey reveals growing concern over cybersecurity measures

Keith McGill, Head of ID and fraud at Equifax

In an online survey conducted by data analytics and technology company Equifax and British international Internet-based market research and data analytics firm YouGov it was discovered that the area of concern for British consumers who regularly engage in online transactions was more online payment security than speed, simplicity and convenience.

The research further stated that two thirds (66%) of people rate safe and secure payments as the most important concern in an online checkout process the rest of the population (one-ten) show more concern towards speed or simplicity. This inclination towards online security was ranked highest across all demographics, a sharp rise for concern towards online threat was seen among the people over the age of 55 years (75%) compared to just over half of 18-24 and 25-34-year-olds (52% and 53% respectively).

Keith McGill, head of ID and fraud at Equifax, said: “With more than 20% of retail revenues coming from online sales*, it’s positive to see so many consumers have security front of mind when they’re at the online checkout. The latest stats from Cifas do however show an increase in identity fraud so its important shoppers remain vigilant. If you have any doubts about the professionalism of a website, you should always think very carefully before entering your personal or payment details.

Internet-based market research and data analytics firm YouGov, also concluded that 76% of British consumers would be willing to accept less convenient checkout experience in return for greater payment security. 45 % of the population also revealed the fact that they could be switching to offline modes of retail due to security concerns about online payment processes.

In conclusion of the survey, it can be reported that British consumers have shown a major concern towards online cybersecurity due to the rapid rise in cyber fraud.

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