Young consumers consider website security when shopping online
Consumers are increasingly buying merchandise and services online, and the perceived security of a business' website is a determining purchasing factor for interested shoppers.
According to a recent survey by ThreatMetrix and the Ponemon Institute, consumers from the millennial generation, defined as ages 18 to 25, were highly concerned about security when deciding to make an online purchase. However, boomers - users age 55 and older - were more distressed regarding online fraud.
"It's interesting to note that while the younger generation is less concerned about online fraud in general, when they do question the fraud prevention measures of an online merchant, they say it adversely influences their experience with that particular brand," said Bert Rankin, vice president of marketing for ThreatMetrix. "It's a big concern if online retailers are losing out on potential sales simply because consumers can't trust the security of the transactions on the website."
While 77 percent of boomers were concerned about online fraud, only 62 percent of millennials revealed the same, the survey said. Also, 60 percent of Millennials reported making a payment via a mobile device, compared to only 25 percent of Boomers.
According to a recent Mashable report, one in every 10 Americans has been affected by identity theft, with the average cost taken from each victim being $4,841.