Study shows four minute limit for online security checks before retail abandonment
The research commissioned by Experian, the global information services company, in conjunction with the International Fraud Prevention Research Centre revealed the extent to which time-consuming identity and security procedures continue to be a source of frustration for consumers, and a cause of lost business for online retailers and other service providers.
44% respondents said they had abandoned an online shopping transaction because the checks were taking too long while 43% admitted turning to a competitor after becoming frustrated with lengthy procedures.
Younger people were shown to be the least patient, with 35% of adults aged under 35 saying they had abandoned one or two transactions due to the length of security checks in the past 12 months, and 13% admitting to having done so ‘frequently’. This compares to 36% and 10% respectively of those aged 35-54, and 32% and 8% of those over 55.
Professor Paul Barnes, director of the International Fraud Prevention Research Centre said: “Identity checks are in all our interests and necessary, however time-consuming they appear at the time. Not only do they protect the business from intrusion and fraud but protect the consumer as well, reducing both security costs, which are passed on in the form of higher prices, and the chance of he/ she being the victim of fraud. We all benefit and we are all safer.”
Nick Mothershaw, director of identity & fraud at Experian, commented: “Online retail has boomed in recent years and customers expect a quick, smooth process when checking out their basket or signing up to a service. Our tolerance time is short at only four minutes, so it’s up to retailers to make sure they make it as fast and easy as possible without compromising on levels of security.
“The message for providers using older forms of identity verification and other security procedures is to make the checks faster and less onerous.”
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