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Businesses Asked To Shoulder Security Of Online Transactions

Now it's the moral responsibility of a business, and not of the bank, to infuse more trust and confidence among consumers about the safety of transactions done online, a Symantec research revealed this.

Yougov conducted a survey of about 2,500 adults for Symantec. The survey disclosed that in spite of 3-quarters of overall population doing online shopping & banking, most are seeking additional reassurances of online retailers prior to spending more.

As per the study, about 66% consumers find online transactions a risky affair whereas nearly 30% agreed that they're prevented from making more Internet transactions due to the security threats involved in it.

Results of the study clearly indicate that the consumers are desperately looking for a boost of confidence from businesses with which they're making online transactions, divulged Lee Sharrocks in a statement released by vnunet.com on 21 February 2007. Lee is the consumer sales director with Symantec UK

The survey concluded that on average consumers spend about £100 per month in online transactions. Seven out of ten people said that they find online transactions much convenient provided the online retailers guarantee the security of their data.

However, just about three out of ten said that they would check the credibility of the company prior to making an online transaction. Three out of ten see it as the businesses' responsibility to ensure the safety of data. While 9% of them feel bank should shoulder this responsibility.

With more and more services turning online combined with the immense potential of further growth in online trading, these results indicate that the businesses ought to gain awareness about what's holding the buyers back. Also, the businesses need to take step for boosting the confidence among the customers, Richard Archdeacon said in the statement published on vnunet.com Richard is the director with the Innovations Team of Symantec.

Traditionally, banks have been held liable to compensate any fraudulent transactions. While the results of the study indicate that consumers anticipate the businesses they're dealing with should take up on this responsibility, added Richard.

Related article: Beijing Olympics Presenting Enormous Opportunities to Phishers

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