More than half of consumers are concerned about falling victim to payment fraud, according to the results of a new survey looking at fraud trends across e-commerce published by Sift.
Of the 2,000 U.S. consumers who participated in the study, 56 percent confessed that they are most concerned about payment fraud, while only 17 percent feel that the brands they engage with are equipped to protect against fraud. Consumer trust does have an impact on e-commerce businesses, with survey analysis showing growth for those brands that prioritize trust and safety. These e-merchants are able to leverage new revenue opportunities while providing increased customer satisfaction, without risk, according to a May 22 press release.
“Frictionless experiences are critical to the consumer-brand relationship. Adding unnecessary friction not only jeopardizes that relationship, but also revenue. We’ve seen that brands that prioritize Digital Trust & Safety are some of the fastest growing companies,” said Jason Tan, CEO Sift. “The leaders have the right mindset, technologies, and processes that allow them to balance risk and revenue.”
In fact, 47 percent of participating consumers said that if they encounter a problem when using their favorite brand’s site, whether in account creation or payment, they will immediately go to another brand’s site to make purchases. Nearly a third (32 percent) of consumers said they will try only once to make a payment before trying another brand.