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Security a significant concern for consumers shopping online

NYCE Payments Network LLC. Analytica Inc
July 2009

Consumers remain "very concerned" about the security of online transactions, and for some consumers their concern prevents them from purchasing online at all, according to a recent survey commissioned by NYCE Payments Network LLC. Analytica Inc., a marketing research firm, surveyed 2,608 consumers online and by telephone between December 2008 and February 2009. Of the consumers surveyed that never have purchased goods or services on the Internet, 43.5% cited security concerns as the reason. Among consumers who shopped online sporadically (fewer than three times per year), 26% of respondents cited security as a reason why they do not shop online more often. The potential for identity theft was a major concern for that group. Consumers who made frequent purchases online (more than three times annually) identified PayPal Inc. as their preferred method of payment, according to the survey. The survey did not indicate what percentage of those customers uses PayPal. Fifty-nine percent of consumers in that group cited security as their main reason for using PayPal. To view key findings from the study, click here.