Consumers do not want inconvenient security measures

According to a recent report around 69% of us like to shop online, as this form of purchasing offers convenience, ease, and speed.

These days people buy all sorts of things online using their plastic cards, including groceries, entertainment, holidays, clothes, furniture, and much more.

However, one big issue to consider is the security of making purchases online using your credit or debit card.

Over recent years the level of CNP fraud has been rising – this is Card Not Present fraud, where the credit or debit card is not present when making the transaction, such as with online and telephone transactions.

Lack of security online means that consumers that use their cards to make purchases may be at risk of CNP fraud.

The Abbey recently carried out a survey into the various security measures that have been put in place by banks to try and reduce this type of fraud.

Some banks have introduced devices that generate random numbers or codes to be used when making the transaction, but the survey showed that only 32% of consumers were happy to use these devices.

The survey also looked into the popularity of additional security questions to make these transactions safer, but just over 30% of consumers were happy about this.

Around 40% wanted the banks to conduct closer monitoring of online transactions to try and make the Internet a safer place to shop.