Security failures threaten online shopping

Thursday, 8 July 2004, 12:25 PM EST

New research by LogicaCMG revealed that more than one in 20 consumers have experienced an attempted or actual theft of financial or personal details whilst carrying out online transactions such as banking and shopping.

As well as the risk to their finances, this also has an emotional impact, with four in ten (43 %) respondents comparing their experience to being robbed, and three in ten (31 %) reporting mistrust in the website or company.

The research illustrates that businesses need to be aware that if consumers are let down by online security, they’re willing to take direct action. Almost a quarter (24 %) of disgruntled shoppers defected to an alternative online brand, 23 % decided never to buy anything from that company again, and over one in ten (12 %) "badmouthed the firm to friends and family." Not surprisingly, security is their most important concern. Nearly three quarters of UK consumers (73 %) cite security as more important to them than price, quality or convenience when shopping online.

At Channel Minds.

[ Read more ]




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