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Online consumer behaviour may be risky, finds study

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Users must tread cautiously in digital world: NortonLifeLock

Even as consumers in India are warming up to digital payments driven by convenience, some aspects of their ‘behaviour’ may make them vulnerable to financial fraud, as per a new report by NortonLifeLock.

According to the ‘India Digital Wellness Report,’ 68% (7 out of 10) of responding consumers making financial transactions online are willing to save their personal bank details on websites they trust, even as a majority of 83% respondents understand that financial fraud and data theft are the biggest threats to online banking.

“Our cybersafety is inherently tied to trust. Most consumers are aware their data is being captured by the websites they visit, the social media posts they share and the apps they use, and trust their information is being properly secured. However, these same consumers are often unaware of how the companies that they have trusted are using this data,” Ritesh Chopra, country director, NortonLifeLock, India, told The Hindu.

He added that while consumers want greater control over their privacy and action taken against those that mishandle personal data, they want this control to come without hassle or cost and are willing to take risks in favour of convenience.

“The realities of cyber crime can seem daunting, with convenience being preferred over risks like identity theft and breach of personal privacy. We strongly advise users to tread [as] carefully in the digital world as one would in the real world,” Mr. Chopra said.

The survey highlights that convenience (83%) and time-saving (90%) are the top motivators for making online transactions as consumers make the maximum online financial transactions for shopping (91%), closely followed by bill payments (88%) and ticket booking (87%).

However, it found that women and Generation X [people aged 35-54 years], are most complacent about security. For example, about 85% of women prepay orders on shopping sites to get discounts or waiver in shipping fees. Men are not far behind at 81% prepaying for orders for discounts.

NortonLifeLock said that the online survey was conducted among 1,572 active Indian users of smartphones and the internet aged 18 and above. The data was collected during July 8-16, 2019.

Additionally, Mr. Chopra pointed that in the survey, tier 2 cities were found to be taking the most advantage of online transactions, and they are ahead of consumers in metros and tier 1 cites when it comes to shopping, wallet transfers and booking tickets.

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Printable version | Dec 6, 2019 8:20:46 AM | https://www.thehindu.com/business/online-consumer-behaviour-may-be-risky-finds-study/article30089959.ece

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