Consumers Want More Security for Mobile-Based Transactions
Adults in the United States value increased security measures for mobile-based transactions, according to a survey recently released by mobile fintech provider Entersekt.
The survey, which polled 1,900 adult U.S. mobile users, revealed that 90 percent of consumers want the ability to approve some or all mobile device transactions before the transaction is completed, and 71 percent would like to be able to approve all such transactions. Nineteen percent of respondents said they want the ability to approve only some purchases, such as transactions totaling $100 or more.
Entersekt commissioned The Harris Poll to conduct the survey to learn more about consumer attitudes toward mobile app-based banking and payments in America, where payment culture still favors cash, credit, and debit cards. Although most Americans are familiar with payment apps—71 percent of consumers in the study said they have used a mobile payment app—only 7 percent of the respondents use payment apps on a daily basis. One focus of the study was to identify consumer concerns over security and authentication in mobile transactions, like peer-to-peer payments, m-commerce purchases, and bill pay.
“Entersekt has a decade’s experience in parts of the world where multifactor 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,” said Dewald Nolte, chief commercial officer of Entersekt. “The key is to provide authentication that is quick and easy to execute and does not detract from the overall mobile experience.”
The study found that 39 percent of U.S. consumers would prefer to authenticate by entering a personal password or PIN when approving mobile transactions, followed by 22 percent who prefer a fingerprint ID, 21 percent who favor clicking an “approve” button, 8 percent who want to receive a one-time password via text or email, and 7 percent who would rather use facial ID.