Survey reveals low tolerance for online security checks
Consumers that conduct transactions online have low tolerance for security and identity checks, new research reveals.
According to a study from Experian, the average potential client will abandon a transaction after only six minutes if the verification check has not been completed.
Travel, banking and insurance were found to have the longest tolerance window (six minutes), followed by telecommunications and transport (five minutes), general retail (four minutes) and gaming (three minutes).
The survey found that more than four in ten (44 per cent) respondents admitted to having abandoned an online shopping transaction because the checks were taking too long.
Meanwhile, a similar proportion of respondents (43 per cent) said that they had switched to a competitor's website after losing patience with procedures that took too long to complete.
The findings highlight the importance of money transfer companies and currency comparison sites making it as easy as possible for consumers to use their services.
Nick Mothershaw, director of identity and fraud at Experian, pointed out that the growing popularity of conducting transactions over the web means that many customers now expect a quick and smooth process without having to compromise on levels of security.
"Our tolerance time for travel is short at only six minutes, so it's up to providers to make sure they make it as fast and easy as possible without compromising on levels of security," he said.
"The message for providers using older forms of identity verification and other security procedures is to make the checks faster and less onerous."