Are online payment providers paying for consumer fear of financial fraud on the internet? According to a survey by cyber security company Kaspersky Lab and B2B International they are. Anna Milne takes a closer look at the report and what the results mean for the industry
A survey from digital security company Kaspersky has found that many people do not have faith in their financial services provider to adequately protect them from cyber crime and fraud.
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The survey results come after a year of high profile data leaks both on and offline that has shaken many people’s faith in the security of the payments system and have caused many to criticise both the measures banks take at protecting data and how we use our own data.
The majority (60%) of those surveyed think that both users and banks should be responsible for the protection of financial information, and only 20% of users place full responsibility for the security of financial transactions on the banks.
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By GlobalDataWhen it comes to backing up personal data the survey found that customers have very mixed opinions on where that data is stored.
Despite the fact that users’ memories and personal files are priorities for respondents, only 29% confirmed that they backed up all of their files. 87% of those who back up their files use physical media such as external hard drives (79%), as well as CDs and DVDs (8%), with only 12% using cloud storage.
With respect to cloud storage, 31% of respondents said they would not save their most important files to the cloud because they are scared of data leaks.
"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," says Ross Hogan, global head of fraud prevention at Kaspersky Lab.
While many users are unsure about paying online, financial services companies are working closely with technology companies to try and make the process easier and quicker.
Findings were put together as a result of a survey between May and June 2014 with 11,135 respondents from 23 countries.
