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New research reveals that more than half of UK credit card users fail to see the need for online authorised payment methods, such as Verified by Visa and Mastercard SecureCode, and as many find the process unnecessarily time consuming.
The tools are designed to add another layer of security for online credit card transactions but are not being adopted by consumers on a scale needed to address the accelerating trend towards cyber crime.
Despite these services being of great value, only 34% of eligible adults are signed up to Verified by Visa even though the service was introduced to consumers back in 2001.
The survey was commissioned by Retail Decisions (ReD), the payment card issuer.
Carl Clump, CEO at ReD explained: "Our mission is to minimise fraud while
maintaining ease of use for the consumer; at the end of the day if the consumer
is put off a purchase because of the complicated or apparently unnecessary fraud
screening process this is of no benefit to anyone.
"I believe that these figures tell us two things - firstly, that customers need
to be educated as to why these services are so important and secondly that the
services need to be fine-tuned to be as customer friendly as possible.
"The fact is that if consumers want to continue benefiting from competitive
pricing for goods bought on-line then the retailer needs to be making reasonable
profits from those transactions. If retailers are losing margins as a result of
fraudulent transactions, the losses will be added on to the cost of goods which
will, therefore slowly increase in price.
"Of course, it is not just down to the consumer, retailers must take action to
protect themselves as well as the customers on whom they rely, by adopting the
appropriate fraud prevention systems.
"Non-intrusive customer-friendly fraud prevention systems are already in
place and have been adopted by many of the largest and most successful retailers
in the world."
Source:
Getting Paid
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