Brits wary of real-time payment security, 23% raise fraud concerns

By Gloria Methri

Despite the growing adoption of real-time payments (RTP) in the UK, consumer confidence in the security of these transactions remains a significant concern. New findings from FICO reveal that nearly a quarter (23%) of UK consumers are uncertain whether RTP processes include adequate security checks, highlighting the need for greater fraud prevention measures and consumer education.

While the use of real-time payments in the UK is increasing, it lags behind global averages. According to the study, 79% of UK consumers have sent RTP, and 73% have received it—compared to 91% and 89% globally. Moreover, just 16% of UK respondents reported sending payments in real time from a business to an individual, far below the global average of 31%.

Security Concerns Impact RTP Trust

Consumer confidence in RTP security remains relatively low. Only 35% of UK respondents perceive RTP as more secure than credit cards, significantly lower than the global average of 51%. Nearly half (49%) consider RTP equally as secure as credit cards, while just 6% view it as less secure.

This uncertainty underscores the need for banks and financial institutions to enhance fraud prevention measures and improve consumer awareness about RTP security features. Experts suggest that transparent communication about fraud detection mechanisms could help reassure consumers and drive further adoption.

Balancing Growth with Scam Prevention

Despite security concerns, UK consumers continue to embrace RTP, with 59% planning to maintain their current usage and 28% expecting to increase it. However, as RTP adoption rises, so does the risk of scams and fraudulent transactions.

“While RTP security concerns persist, UK banks should anticipate continued growth and diversification in RTP usage,” said James Roche, principal fraud consultant for FICO in EMEA. “To support this expansion, financial institutions must educate consumers on the benefits of RTP while implementing robust fraud defences.”

Strengthening Consumer Protection

Banks are being urged to leverage scam prevention technologies and tailored communication strategies to enhance RTP security. Notably, 37% of UK consumers prefer to receive sensitive financial alerts via their banking apps—far more secure than emails or text messages. This presents a critical opportunity for banks to use their digital platforms to educate consumers on scam risks and safety measures.

“One of the most effective ways to build consumer confidence is to communicate through secure channels that customers trust,” Roche added. “By integrating advanced scam protection solutions and prioritising customer education, UK banks can reduce fraud risks and foster trust in real-time payments.”

With digital payments continuing to evolve, the UK financial sector must address consumer concerns and strengthen fraud prevention strategies. By investing in scam detection technology, enhancing consumer education, and using secure communication channels, banks can boost confidence in RTP and ensure a safer financial ecosystem for all.