Shocking Survey Exposes UK Consumers’ Security Fears About Real-Time Payments
Recent findings from a comprehensive international survey conducted by FICO, a leader in analytics software, shed light on the perceptions and usage of real-time payments (RTP) among UK consumers. Despite the growing adoption of RTP, with 79% of respondents indicating they have sent payments and 73% confirming they have received them, a concerning 23% remain uncertain about the security measures protecting these transactions.
UK’s RTP Usage Compared to Global Trends
The research, which gathered responses from 12,000 individuals across 14 countries, reveals that the UK is trailing behind the global average in RTP usage. The statistics indicate:
- Global average for sending RTP: 91%
- Global average for receiving RTP: 89%
- Only 16% of UK respondents have used RTP for transactions from businesses to individuals, compared to 31% globally.
Security Concerns Surrounding RTP
Security concerns are a prevalent issue, as only 35% of UK participants believe RTP is more secure than credit card transactions, in stark contrast to the global average of 51%. This disparity highlights an urgent need for UK banks to enhance consumer confidence regarding the security of RTP systems.
Expert Insights on Improving Confidence
James Roche, a principal fraud consultant for FICO in EMEA, emphasized the necessity of addressing these security concerns. He stated, “While there remains some slight uncertainty in the UK market around RTP security, it is clear to us that banks should expect usage to continue to increase and diversify.” Roche advocates for improved educational initiatives to communicate the benefits and security features of RTP effectively.
Strategies for Increasing RTP Adoption
The survey points to a significant opportunity for increased RTP adoption in the UK as consumer understanding improves. Here are some strategies banks can implement:
- Utilize scam protection technologies to enhance security.
- Adopt flexible, customer-centric communication strategies to build trust.
- Understand customer preferences for receiving sensitive information; 37% of UK consumers prefer receiving this information through their bank’s app.
Meeting Global RTP Standards
As RTP usage is forecasted to rise towards global averages, UK banks face the dual challenge of promoting RTP benefits while simultaneously enhancing security measures to mitigate scam risks. For more information on securing your transactions, visit FICO’s Fraud Detection page.
By prioritizing consumer education and enhancing security, UK banks have the potential to foster greater confidence in real-time payments and encourage wider adoption among consumers. For additional insights on payment security, explore resources from the Bank of England.
