Consumers value the reassurance of additional security checks according to Equifax research
Consumers are happy to answer additional security questions for higher value transactions, according to an online survey commissioned by business insights expert Equifax and conducted by YouGov.
57% of people are happy to answer more security questions when accessing bank accounts for high value transactions (e.g. over £1,000), and 51% when making high value purchases online (e.g. over £500). This is a stark contrast to lower value transactions, with only 21% happy to answer additional security questions for day-to-day banking transactions, and just 15% when making everyday purchases online (e.g. less than £500).
The results illustrate how important it is for financial institutions to ensure that security checks strike the right balance between risk management and a convenient customer journey.
John Marsden, fraud and identity expert at Equifax, said: “A deeper understanding of a customer’s behaviour, interactions and traits helps to maximise their experience. Consumers don’t want to be challenged when their spending behaviour is completely usual, but they expect and even welcome additional checks for transactions they deem high risk.
“Consumers expect transactions for a substantial amount of money to trigger an alarm or warning with their financial providers, especially when it’s not part of their normal spending patterns. Without the surety of additional checks, they may not feel that they can trust the provider to intercept a risky transaction and prevent fraudulent activity on their accounts. Few consumers would be frustrated by a few minutes delay while their bank checked a notable transaction, but they want speedy and convenient service when conducting their usual day-to-day financial affairs. Providers need to understand how much, where, and on what device their customer’s usually spend to ensure they only implement additional security checks and barriers when really necessary.”
