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News

On line shopping surrounded by ID theft fears.

SafeNet : 14 November, 2007  (Technical Article)
Identity fraud is the single largest fears for consumers entrusting their credit card details on line in the run up to the Christmas festivities.
Three quarters of consumers are worried about buying presents online this Christmas, according to a consumer survey carried out by SafeNet, a global leader in information security.

SafeNet asked 250 shoppers aged 21-35 about their gift buying plans this festive season. Overall, 72 per cent of people said they would feel less vulnerable to ID fraud by shopping on the high street, compared to surfing online. Only five per cent said they feel safer buying online, while 23 per cent said they felt equally secure about both options.

Bigger online brands were also found to reassure shoppers, with only 22 per cent of consumers saying they felt 'very concerned' about buying from established online retailers such as Amazon and eBay. Whereas, the majority of consumers (62 per cent), said the same thing about purchasing Christmas presents from smaller lesser-known sites.

"There is still a lack of faith in online retail," said Andy Solterbeck, vice-president and general manager at SafeNet. "It is clear that if retailers cannot provide their customers with the assurance of safe online transactions, they will be at a real disadvantage among their competitors."

He added that companies that comply with an Internet security standard - such as the Payment Card Industry Data Security Standard (PCI DSS) - will be rewarded with success over Christmas. They can benefit from the competitive advantage they will gain in comparison to non-compliant retailers, who will ultimately lose business," concluded Solterbeck.

Andy Solterbeck is speaking about encryption strategies for PCI-DSS and other regulatory compliances at the CARTES event on Wednesday November 14, 2007 at 5pm CET.
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