Online retailers are feeling the repercussions of having lengthy identity checks for online shopping transactions.
A new Study released by Experian, in partnership with the International Fraud Prevention Research Centre, reveals that long online identity and security procedures continue to be frustrating for consumers, with the average abandoning online transactions around four minutes.
Nick Mothershaw, Director of Identity and Fraud at Experian said with the recent boom of online retail purchasing, customers want an easy and fast process when shopping.
"Our tolerance time is short at only four minutes, so it’s up to retailers to make sure they make it as fast and easy as possible without compromising on levels of security."
Online Identity checks are still, however, considered to be an important measure.
According to Professor Paul Barnes, Director of the International Fraud Prevention Research Centre, checks are extremely necessary no matter the amount of time involved.
"Not only do they protect the business from intrusion and fraud but they protect the consumer as well, reducing both security costs, which are passed on in the form of higher prices, and the chance of the person being the victim of fraud. We all benefit and we are all safer."
Consumer online tolerance times vary amongst different sectors and Industries:
Gaming – 3 minutes
Retail – 4 minutes
Transport – 5 minutes
Telecoms – 5 minutes
Online banking – 5 minutes
Travel – 6 minutes
Insurance – 6 minutes
In-branch banking – 6 minutes
