Half (50 percent) of consumers in Bulgaria say that they are now more worried about becoming a victim of fraud online compared to 2021. This is according to research organized by the specialized payment platform Paysafe. According to him, Bulgarians perceive security and convenience when shopping online as equally important, while at the same time the high cost of living continues to fuel their financial worries.
The survey also reveals that 63 percent of Bulgarians believe that financial fraud is an unavoidable risk when shopping online. As a result, 55 percent do not feel comfortable entering their financial details online to pay for goods and services.
For years, the payments industry has struggled to balance the competing needs of security and convenience to satisfy consumers and streamline their customer experience. However, growing fraud concerns are putting security in the spotlight. For Bulgaria, it seems that consumers are looking for the golden mean, but would prioritize security over convenience (21 percent) as the most important factor when paying for an online purchase.
Although security experts often debate the limitations of password protection, users are now rallying behind the password as a familiar security tool. Nearly a second (47 percent) say they trust passwords more than biometric authentication methods when paying online. However, trust in biometric authentication is also growing, with 57 percent of consumers in Bulgaria agreeing that biometric authentication makes online payments more secure.
As fraud concerns are on the agenda for consumers, merchants that offer multi-factor authentication methods can instill confidence in consumers that their transactions are secure.
Despite all these concerns, the majority (53 percent) of consumers in Bulgaria believe that payments are more secure now than a year ago.
Chirag Patel, President of Digital Wallets Division at Paysafe said: “We all know that in times of crisis, fraud levels can rise. It happened at the height of the pandemic, it is happening now that we are expected to enter a recession. Consumers rightly have one thing in mind about the possible dangers in the world of online payments. It is of paramount importance to us and to merchants to take these customer concerns into account. Offering a variety of alternative payment methods and security options will help calm consumer fears while improving the user experience.”
The survey was conducted by Sapio Research on behalf of Paysafe in April 2022 among 11,000 users from the US, UK, Canada, Germany, Austria, Bulgaria, Italy, Peru, Chile and Brazil, and tracks attitudes towards payments, with 1,000 of them being representatives from Bulgaria.