Why should we be interested in consumer trust?

Consumer trust is the absolute bedrock on which digital commerce is based; it is absolutely critical. If consumers don’t trust the processes or new implemented technology, they won’t use it.

This is the reason why we are currently engaged in a social media sourced survey looking into consumer trust in digital transactions. We would, of course, be pleased if you could take five minutes to take part.

Our survey takes a particular focus on banking and financial transactions and with very good reason.

In March this year, Financial Fraud Action UK published its 2015 year-end report, announcing that “financial fraud losses across payment cards, remote banking and cheques totalled £755.0 million in 2015, an increase of 26 per cent compared to 2014[1]

As for what caused this? “The rise across all fraud loss types during 2015 owes much to the growth of impersonation and deception scams, as well as sophisticated online attacks such as malware and data breaches.”

Cyber-crime continues to rise and with it, continues to damage  consumers’ trust and businesses reputations. Our survey aims to gain a better understanding of consumers trust in online commerce and financial transactions, and whether recent, headline grabbing data breaches have affected their level of trust in ecommerce organisations.

The survey also explores exactly what can be done to boost and retain trust, specifically in terms of security and authentication.

A key theme for MYPINPAD this year has been the extent in which companies promote convenience over security and whether this is a positive or necessary trend.

Consumer feedback is critical for our industry especially as we continue to chart new territories. So we are looking forward to hearing what you think.

To access the survey and submit your answers click here.

Our research will be published in the New Year and we hope it will shed new light on how to build trust in new payment technology.

 

[1] FFA UK – Year-end 2015 fraud update: Payment cards, remote banking and cheque (March, 2016)