Payment/ID fraud issues persist

Seventy nine per cent of Brits are concerned about online ID theft, according to the Consumer Insights Study: Fraud and Identity released by Jumio and conducted by Harris Interactive. Of those, 82 per cent were specifically worried about fraudulent activity on their credit card or bank account.

“With Britain leading the way in e-commerce in Europe with a turnover of 96 million Euros in 2012 (Germany a distant second with 50 million Euros) it is frustrating that the industry still faces serious issues of payment and identity fraud,” says David Pope, marketing director at Jumio in Europe. “It is testament to the British people that so many of them are aware of online security pitfalls – but what is worrying is the lack of infrastructure to tackle ID fraud in the UK. While most merchants realise that fraud is a major problem, they need to look at their role in prevention, including taking the necessary steps to confirm that a person conducting a transaction is actually who they say they are.”

The study also finds that many Brits are receptive to electronic and remote ID verification. Although the UK has no requirement for a formal ID card, as found in other countries in Europe and the USA, 38 per cent of GB adults would in principle prefer to carry and display a digital image of their driver licence/ID on a smartphone as opposed to carrying their ID in the traditional way.

    Share Story:

Recent Stories


Creating value together: Strategic partnerships in the age of GCCs
As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?

Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.

Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.