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Wednesday July 21, 04:54
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Online Fraud Affects Over A Million UK Consumers
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While 20 million UK consumers are tipped to shop online in 2004, to the tune of Stg 17 billion, more than a million have experienced a security breach when purchasing online, according to LogicaCMG. One in 20 survey respondents had also experienced an actual or attempted theft of personal or financial data whilst conducting online transactions. Retailers subsequently need to review their online security given that 24 per cent of UK consumers affected by security breaches switch brand, 23 per cent decide never to buy from a firm again, and 73 per cent rate security above price, quality or convenience when buying online.
Over two-thirds of respondents to LogicaCMG▓s survey would stop shopping with a retailer, either on- or offline, if a security breach resulted. In a separate report, Visa Europe recently found UK consumers to have major concerns when buying online, regardless of their online experience. One in five Internet users surveyed by Visa had never bought online, and of those who did, 69 per cent believed e-tailers should do more to make them feel secure. Of the online shoppers Visa profiled, 19 per cent bought online as a last resort, with 58 per cent attributing their reluctance to do so to an ▒irrational▓ fear of the Internet.
Sixty-eight per cent of Internet consumers interviewed by Visa believed it was unsafe to reveal credit card numbers online, although only 15 per cent knew someone whose credit card had been compromised online. Just over half (58 per cent) would shop online if greater security was available, while one-third expressed an interest in password protection for Internet purchases. Visa▓s findings are positive for its authenticated online payments solution, Verified by Visa, which is now used by over 10,000 e-tailers, 50 acquiring and 54 issuing banks in Europe, and is expected to reduce online fraud by over 80 per cent.
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