The volume of online payment fraud worldwide is predicted to rise at double digit rates to more than 20 billion Euros in the next few years. Payment providers and other FinTech companies are innovating to supply the best fraud protection solutions for the benefit of merchants and consumers. But how do online shoppers worldwide perceive the security of their digital payments?
Our research findings show that the awareness of online payment fraud threat among global consumers is rising. A 2015 survey conducted in the UK revealed that less than 20% of Internet users are happy to supply their card details online without any security concerns, compared to nearly one-third two years ago. For nearly all online shoppers surveyed in Germany, security was the main criteria when choosing their preferred online payment method. Furthermore, in some countries doubt about payment safety is so pervasive among consumers that they even avoid buying online. This was true for a quarter of Internet users in India who do not currently make purchases online.