SAN FRANCISCO-Merchants should not be concerned that many consumers will abort online transactions due to more secure authentication solutions, according to a new Javelin Strategy & Research report.
The Online and Mobile Retail Payments Authentication report shows that consumers are in fact gaining a great deal of knowledge about-and an understanding of the value-of a wide variety of safer advanced online authentication solutions, a good thing with criminals turning more attention to online fraud.
In 2012, online retail payments reached 7.4% ($318 billion) of all retail transactions. The thriving online market is an increasing target for fraudsters to both steal and misuse consumer data as data breaches and malware evolve as the primary means to acquire this valuable information, the company reported.
"Yesterday's fraudsters picking pre-approved cards from mailboxes could be compared to robbing a cash register. Today's fraudsters are cleaning out the safe through data breaches and malware," said Al Pascual, senior analyst, security, risk and fraud.
