New research shows that more than half (63%) of UK consumers are worried about contactless fraud.
The research, published by IDEX Biotmetrics ASA, revealed that the UK is now ready to welcome more secure payment methods. These methods include biometric payment authentication such as fingerprint scanning and voice recognition.
In response to these findings, some banks and retailers have rolled out Strong Customer Authentication (SCA). This requires customers to use two-factor authentication such as a PIN.
David Orme, SVP at IDEX Biometrics ASA, said: “As the number of contactless transactions in the UK continues to rise, the financial industry must do more than just introduce SCA to address consumers’ growing concerns about card theft and contactless fraud.
“More than a third (35%) of UK consumers already expect fingerprint biometric authentication to be rolled out for transactions by 2020. So banks must respond quickly to adopt reliable and protected contactless cards, backed by biometric technology.”
More focus on biometrics
In addition, the research showed that 48% of consumers believe contactless cards have made shopping more convenient. Meanwhile 54% fear criminals could scan a contactless card in their pocket, without their knowledge.
Furthermore, 49% of consumers said they would feel more secure if they could use fingerprint scanning to authenticate transactions.
“Fingerprint biometric authenticated payment cards can’t be scanned from your pocket, or used without your knowledge, as the card needs the owner’s fingerprint for a transaction to work,” added Orme.
“This ensures a superior level of security for contactless payments. By adopting this form of card authentication, we can say goodbye to contactless fraud and leave the £30 payment limit behind for good.”
The study also revealed two-in-five 25-34-year-olds want the £30 limit on contactless payments to be removed. Additionally, more than a third of 18-34-year-olds will make sure their shopping is under £30 for ease.
To carry out the survey, 1,000 people were interviewed by Arlington Research and all respondents were over 18.