UK Security Fears

Date Posted: 11-05-2017

According to a recent study, almost 4 out of 5 (77%) of British consumers are fearful of new payment methods. This is due to the fear of fraudulent activity occurring both in person and online. Over the recent years, there have been many new attempts to make payment options easier. These attempts have included the use of contactless cards, mobile payment via Apple pay and even the use a near field communication (NFC) chip that one man implanted in his hand! 

However, there have been proven problems with some of these payment methods. When contactless cards first came about some people had issues with this, standing too close to card machines in stores could cause payment to be taken out if it registered. Options have now been made available to prevent this, such as aluminium foil lined card holders which would stop this possibility of accidental contactless payments. These are widely available to buy online and cost next to nothing. There is also the issue of funds taking a time to come out of your account with these types of payment. Usually, with contactless or mobile payments the money is not immediately removed from your account. This could cause problems with people who may believe they have more available to spend than they do. Payment can, depending on which bank you are with, take up to 4 days to show that it has been withdrawn. This could lead to accounts becoming overdrawn which then leads to charges from the bank. 

In a survey conducted by Paul Hastings, he asked 2000 UK customers how security fears are preventing them from using new payment methods. Of these 2000 customers he surveyed, 59% say they are worried about fraud risks and 49% said that the reduced risk of fraud is the most desirable feature for any payment method. 49% of these were also concerned about data security incidents and 45% were worried about the risk of theft. Around one-quarter (27%) of these consumers don’t use these new payment methods. These statistics are common of most consumers nowadays due to the many scams that are circulating round on a daily basis. This research highlights the importance of security as a positive benefit for online services and a reason to emphasise the need to embed cyber security at the design stage of product development.

At The Safety Deposit Box Centre in Manchester we can provide the security you require for your physical belongings, as well as securing bank statements and any financial information you may need to keep your online accounts protected. To find out more about the services that we offer at The Safe Deposit Centre or call us today on 0161 273 7487.