The research has been conducted prior to the release of the next stage of PSD2 coming into effect mid-September. The Strong Customer Authentication (SCA) will mean that shoppers will be required to provide two sets of security information – that could be a password or PIN, biometric information, or device information like a mobile number – to authenticate an online purchase.
Results of the study also indicated that at least 45 per cent of users would become increasingly frustrated with a brand if they were to face a lengthy checkout process, but just 23 per cent admitted they would abandon their basket and shop with another for the sake of convenience.
While only a small per cent of the 4,000 individuals from the UK,France, Germany and Spain surveyed wanting convenience over data security, the report indicates that many respondents felt uncomfortable offering up additional information for the sake of security surrounding their personal finances, with over 30 per cent feeling uncomfortable giving biometric information, and over 20 per cent not wanting to provide a mobile number.
Some organisations, including Facebook and Twitter, already offer this additional level of security as an option when signing in to an account but when the SCA is live, it will be mandatory for certain organisations to use the two-factor authentication process.
Other interesting statistics from the report include:
- 40 per cent of consumers being suspicious about the added level of security
- 44 per cent have not completed an online purchase because of the complex security involved in buying
- 62 per cent of French consumers preferred security over convenience
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