A new report from Germany-based online business intelligence firm highlights the concern of online shoppers and sellers about payment security. CEO Yücel Yelken, points out that the new report “Fraud and Security in Global Online Payments 2016” tells of increasing fraud in online payments.
Global online payment fraud is increasing at double digit rates, according to a forecast cited in the yStats.com report, and retail E-Commerce transactions is a major component of that fraud. This motivates payment companies to seek innovative means to make online and mobile payments more secure, including biometric authentication.
Surveys cited in the yStats.com report reflect that consumers consider payment security in their decision whether to make online purchases, as well as in the choice of payment method. In the USA, shoppers have indicated that security is more important than speed, and in Spain and Germany, payment security is the top concern of online shoppers in choosing a payment method. Fear of data compromise also appears to be keeping shoppers from adopting new payment methods such as mobile payments. Over 50% of survey respondents worldwide expressed concern about the security of mobile payment apps.
Global online payment fraud is increasing at double digit rates, according to a forecast cited in the yStats.com report, and retail E-Commerce transactions is a major component of that fraud. This motivates payment companies to seek innovative means to make online and mobile payments more secure, including biometric authentication.
Surveys cited in the yStats.com report reflect that consumers consider payment security in their decision whether to make online purchases, as well as in the choice of payment method. In the USA, shoppers have indicated that security is more important than speed, and in Spain and Germany, payment security is the top concern of online shoppers in choosing a payment method. Fear of data compromise also appears to be keeping shoppers from adopting new payment methods such as mobile payments. Over 50% of survey respondents worldwide expressed concern about the security of mobile payment apps.
