An extensive international survey conducted by global analytics software giant FICO has revealed significant insights into the uptake and security perceptions of real-time payments (RTP) among UK consumers.
Despite the widespread use of RTP, with 79% of respondents stating they have sent payments and 73% have received them, a notable 23% are unsure about the security measures in place for these transactions.
The research, which sampled 12,000 individuals across 14 countries, indicates that the UK lags behind the global average in RTP usage. While the global average for sending and receiving RTP stands at 91% and 89% respectively, the UK’s figures are lower, reflecting a cautious approach among British consumers. Furthermore, only 16% of UK respondents have used RTP for transactions from businesses to individuals, significantly less than the global average of 31%.
Security concerns are a major theme, with only 35% of UK participants considering RTP more secure than credit card transactions—a stark contrast to the global average of 51%. This suggests a pressing need for UK banks to bolster consumer confidence in the security of RTP systems.
James Roche, principal fraud consultant for FICO in EMEA, emphasized the importance of addressing these security concerns. “While there remains some slight uncertainty in the UK market around RTP security, it is clear to us that, based on global and local consumer trends, banks should expect usage to continue to increase and diversify,” Roche explained. He advocates for enhanced educational efforts to clarify the benefits and security features of RTP, noting the opportunity for banks to better communicate risks and preventative measures to their customers.
The survey also highlighted the potential for increased adoption of RTP in the UK as consumer understanding improves. Banks are encouraged to employ scam protection technologies and adopt flexible, customer-focused communication strategies to safeguard finances and foster confidence.
Roche added, “One of the most fundamental ways banks can build consumer confidence and help to prevent losses is by knowing what method of communication their customers prefer.” He pointed out that 37% of UK consumers favor receiving sensitive information through their bank’s app, which offers a more secure channel compared to other methods like text messages or emails.
As RTP usage is projected to rise to meet global averages, UK banks face the dual challenge of promoting the benefits of RTP while simultaneously enhancing security measures to mitigate the risk of scams.
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