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Inefficient online identity verification measures costing UK retailers billions
New research conducted by Experian has found that inefficient online identity and security measures are forcing online shoppers to use slow and outdated methods of providing identity or, worse still, making them abandon their purchase completely.
Almost $1.6 billion worth of online shopping was lost to retailers in the UK last year. The culprit, found Experian, being old and inefficient identity measures that led to 44% of UK shoppers abandoning at least one online transaction in the last twelve months.
Furthermore, 20% of those who abandoned a purchase because of annoying security measures didn't go on to make that purchase elsewhere, costing British retailers $341 million worth of net lost revenue.
It's hardly surprising that a consumer, who has turned to the Internet for convenience and speed, would be put off a purchase because of being forced to ring a call centre or send identity documents in the mail.
"Depending on the reason for the identity verification check, our tolerance during a transaction varies greatly - and can be as short as a 60 second window," said Professor Paul Barnes, Director of the International Fraud Prevention Research Centre. "With millions potentially being lost from the key industries in the UK, it is vital that this issue is addressed as soon as possible."
The research was conducted by the International Fraud Prevention Research Centre for Experian. The credit scoring agency is concerned that, in order to protect revenues, companies might lower their identity proof requirements thus opening themselves up to increased fraud.
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