Brits dump online applications due to ‘frustrating’ experience
Two thirds of UK consumers say they have abandoned an online application or form before completing it, due to a disappointing user experience.
New research from credit reference agency TransUnion found that the top reasons consumers would give up with online applications were because the process was frustrating (52 per cent) or too much information was required (51 per cent).
Additionally, 63 per cent of UK consumers said they wouldn’t return to a website if they had a fraud concern and 41 per cent would not return if they experienced a slow website.
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Digital acceleration during the pandemic has increased the risk of digital fraud and the need to mitigate fraud attempts.
Three in 10 UK consumers said they prefer using one-time passcodes for authenticating their identity when opening a new online account, TransUnion said.
TransUnion’s 2022 global digital fraud trends report found that 42 per cent of UK consumers claim to have been targeted by online fraud in the past three months.
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Among those targeted, the five most common scams faced were phishing (46 per cent), third-party seller scams on retail websites (25 per cent), stolen credit cards (23 per cent), account takeover (20 per cent) and identity theft (15 per cent).
“We’re seeing a high number of digital fraud attempts, which is unsurprising given that more than half of UK consumers told us they are now conducting the majority of their transactions online – from managing personal finances to weekly food shopping,” said Josh Gunnell, director of fraud and ID for TransUnion in the UK.
“Financial services, as well as travel and leisure, recently experienced some of the biggest spikes in fraud attempts. As cyber criminals shift focus to target these industries, it’s imperative businesses have multi-layered identity solutions and strong authentication processes in place to help protect consumers and build trust.”
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