More than three-quarters of UK shoppers have security front of mind for every purchase they make online, according to new research from American Express (AmEx).

The study, which surveyed 2,000 consumers, found that as well as prioritising security, consumers are also seeking frictionless experiences.

Two-fifths said that ease and speed of payment is important regardless of what they’re buying, with this increasing to 52 per cent for smaller everyday purchases.

The research, conducted by AmEx's Pay with Bank Transfer, also revealed that nearly half of respondents – 49 per cent – believe that security would be their strongest incentive to use Open Banking.

According to the report, Open Banking payments are a more widely used option than manual bank transfers for household bills and expenses (27 per cent vs 15 per cent), while they are also used more widely for subscriptions (16 per cent vs 8 per cent).

“Consumers are seeking security and simplicity when buying online, and Open Banking payments help deliver both: offering bank-level protection with a fast, familiar authorisation process, completed in just three clicks," said Holly Coventry, vice president, Open Banking, American Express.

She went on to say that Open Banking payments mean merchants also benefit from lower fees, instant settlement, and simple integration.

The European Banking Authority (EBA) and European Central Bank (ECB) recently revealed that the payment fraud rate across the European Economic Area (EEA) remained stable in 2024 at around 0.002 per cent of total value of transactions in a calendar year.

However, over the 12-month period, the total value of fraud increased to €4.2 billion, up from €3.5 billion in 2023.

In 2024, the overall losses for credit transfers were €2.2 billion, representing a year-on-year increase of 16 per cent.

For card payments with cards issued in the EU/EEA they were €1.3 billion, an increase of 29 per cent on the previous year.

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