Vertical Markets

We feel insecure online

by Mark Rowe

Only one in four consumers in the UK feel very secure when shopping online, yet most, 63pc of UK consumers are shopping online more often than they were before the covid-19 pandemic. The cyber firm ESET surveyed some 10,000 consumers across the UK, US, Australia, Japan and Brazil.

Consumers were asked for their views and experiences of online shopping and banking. Internet retail has surged during the pandemic. Besides those 63pc of consumers in the UK stated that they are shopping online more often than before the pandemic, the percentage is 71 among the 25–34 age group.

The research also suggests that online shopping is here to stay even after the pandemic; nearly a third (32pc) of consumers expect to be shopping online more post-pandemic than they are. On the other hand, consumers are not as confident in their security when shopping online, with just 25pc stating that they feel ‘very secure’ when doing so. 12pc of UK consumers also said that they feel either ‘not particularly secure’ or ‘not at all secure’.

As for internet banking, confidence is much higher. Near nine in ten, 89pc of UK respondents reported that they manage their bank account(s) online, with 24pc of these doing so exclusively through a mobile app. Near four in ten, 39pc of people said that they feel very secure when online banking, suggesting that banks are ahead of retailers when it comes to security and consumer confidence.

Jake Moore, Cybersecurity Specialist at ESET said, “The covid-19 pandemic has significantly limited our ability to visit shops in-person, so it is no surprise that our research shows a surge in popularity for online shopping. However, it is worrying that only a quarter of consumers feel very safe when shopping online.

“The confidence in internet banking demonstrates that the many UK financial regulations that these platforms have to follow, such as PSD2, help to build confidence with users; something that Strong Customer Authentication (a derivative of PSD2 coming in to force on the 14th March 2021) may help to address for online shopping. That being said, responsible e-commerce sites could be more vocal about the measures they are taking to protect their customers throughout the purchasing journey to build their confidence while shopping online.”

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