Consumers want more security checks on high value transactions

According to research, consumers are happy to answer more security questions when making higher value transactions, but are much less tolerant when making day-to-day payments.

The research, commissioned by business insights company Equifax and conducted by YouGov, revealed that more than of consumers (57 per cent) do not mind answering more security questions when accessing bank accounts for payments over £1000.

The percentage dips slightly for high value transactions online, with 51 per cent of people happy answering more questions when spending over £500 online.

However, consumers’ willingness to answer questions drops when they are making low value transactions. Only 21 per cent of people are happy answering additional questions for day-to-day banking transactions, and 15 per cent when making everyday purchases online (less than £500).

“A deeper understanding of a customer’s behaviour, interactions and traits helps to maximise their experience. Consumers don’t want to be challenged when their spending behaviour is completely usual, but they expect and even welcome additional checks for transactions they deem high risk,” John Marsden, fraud and identity expert at Equifax.

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