90% of US consumers want added security measures on mobile transactions, study finds

A study from Entersekt has found 90 per cent of US consumers value additional security measures when completing mobile transactions.

These results were found after a survey conducted of 2,000 US adults regarding their attitudes towards mobile app-based banking and payments. Of the respondents, 1,900 owned mobile devices.

One of the major findings of this report was that nine in ten said they want the ability to approve some or all of mobile device transactions before it is processed. Breaking this down, 71 per cent stated they would want this approval for all of their transactions, while 19 per cent would only want to approve certain payments, such as those of $100.

As for the authentication preferences, PIN or passwords remained as the most desired method, with 39 per cent opting for it. Other types of authentication favoured by respondents were Fingerprint ID (22 per cent), clicking an ‘approve’ button (21 per cent), a one-time password sent through text or email (8 per cent, and facial ID (7 per cent).

Security was a clear interest point of consumers, with 80 per cent of regular banking app users stating they would like to be notified at the POS before a transaction goes through, if the transaction would negatively impact their credit score.

Entersekt chief commercial officer Dewald Nolte said, “ “Entersekt has a decade’s experience in parts of the world where multi-factor authentication is much more widely used than here in the United States, and it has shown us that consumers value the sense of control they gain from being involved in their own security.

“The key is to provide authentication that is quick and easy to execute and does not detract from the overall mobile experience.”

Entersekt, which develops multi-factor authentication and mobile app security solutions, will be releasing another study next month. The new report will investigate US consumers’ view on innovation.

Copyright © 2019 FinTech Global

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