Annual report: Consumer trust in the digital age

Last year, payment card fraud in the UK was estimated at £618m, with the global figure standing at $21.84bn. Because of this, banks, issuers, schemes, merchants and PSPs are taking significant steps to improve online security and reduce the risk of fraud.

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Consumer Trust Report

More than £1.7m a day was lost to financial fraud across payment cards in the UK last year, with losses on card purchases made remotely comprising £1m of this daily figure. This news makes for uncomfortable reading and has inevitably had a negative impact on consumers’ trust in online banking and shopping.

To gain a better understanding of how news of rising online fraud and data breaches have impacted consumers’ use of mobile and online payments, MYPINPAD conducted a survey to ascertain what could be done to boost consumer confidence and trust in online transactions, specifically in terms of security and authentication.

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