Kaspersky Lab Research shows that 32 percent of shoppers have had their financial information compromised

Kaspersky Lab released a report, which revealed that one-in-three people (32 percent) who shop online experienced a financial incident in the past year, despite the vast majority of shoppers (93 percent) stating that they are aware of the danger of financial cyber-threats.

With millions of people making purchases online this holiday season, this research sought to examine consumers’ attitudes and habits towards their money and digital security.

Online shopping is one of the most popular internet activities for consumers. The holidays in particular are a time of unrestrained shopping for many, starting with Black Friday and Cyber Monday in November, and continuing throughout January with post-holiday sales. However, this means that cybercriminals targeting consumers’ banking credentials or online shopping accounts could also hit the jackpot this season.

Even browsing for products has become a popular pastime, with most consumers resorting to this form of entertainment during lunch breaks, while commuting to work, or when sitting in front of the television.

It is hardly surprising then, that retailers try to entice us into buying by putting their best bargains online. And with more than £747 billion spent in just five countries during the festive season in 2017, digital spending will be crucial to retailers making a profit this Christmas.

The e-commerce boom has made it easy to spend money online with every type of retailer present – right from those selling groceries and gifts, through to paying service providers or buying a boat. The possibilities are endless and the choice of payment options is growing.

However, once upon time, this was far from the case.

For example, auction website eBay has encouraged both buyers and sellers to use PayPal off the back of a strategic partnership for the last 15 years. The majority of retailers are now happy to use whatever payment method consumers prefer in order to prevent the loss of a possible sale. From credit card transactions and bank transfers, to cryptocurrency, subscriptions, and loyalty points, consumers can now pay for goods and services in more ways than ever before.

Kaspersky Lab’s research found that half of people (52 percent) are worried about being vulnerable when purchasing products or making financial transactions online. These concerns, unfortunately, are well founded, as just 20 percent of respondents stated that they know what to look for to verify a payment website’s security.

Furthermore, these threats can have significant consequences; out of the 32 percent of shoppers who have had financial credentials compromised in the last year, a quarter (26 percent) of them were never refunded their money.

Faced with a seemingly endless supply of e-commerce sites, it’s no surprise that many shoppers struggle to keep all of their online payment login information under control. Just 48 percent of people said that they are able to remember login details for all of the websites where they have made an online payment.

Additionally, with the rise of subscription services that offer easy access to television shows, clothes and more for a monthly fee, some shoppers are also losing track of their spending on these sites. A third of people (32 percent) surveyed said that they do not always remember every service or automated payment to which they have subscribed.

To help consumers find and remember payment details, one-in-five (20 percent) store this information on their devices. While this can make submitting credentials more convenient when shopping online, it can also put the user at significant risk of losing their money if this information is stored in an insecure way, such as in the smartphone’s notes functionality.