More than a third of UK shoppers have been unable to complete an e-commerce transaction because of new strong customer authentication (SCA) rules, according to a survey for Signifyd.
In the biggest change to UK payments regulation since the roll out of Chip & Pin in 2006, all online transactions over £25 have been subject to two-factor authentication checks since 14th March, to help combat online fraud.
Nearly three quarters of 2000 Bits surveyed say they either “strongly” or “somewhat” — that it was worth completing the new extra steps required at checkout to ensure that their transactions were protected.
However, 36% of respondents say they had been unable to complete a transaction because of the new rules and 73% would abandon a retailer and turn to a rival if they had a bad online experience.
When asked whether they had ever decided against shopping with a particular retailer because of a frustrating experience, 33% of UK shoppers say they have. In France and Italy, where Signifyd also carried out surveys, the numbers were even higher, at 46% and 56% respectively.
Ed Whitehead, MD, Europe, Signifyd, says: "It’s clear that consumers in the UK and across Europe want their accounts to be protected from fraud when shopping online.
"It is even more clear that they won’t put up with frustrating checkout experiences. That sends a clear message to merchants and the banks that serve them: They need to adopt solutions and technology that keep transactions safe while avoiding any unnecessary added friction in the shopping journey."