PUNE: An online survey of over 1,500 city-dwelling Indian adults exploring consumer awareness of security threats related to financial transactions and their resulting behaviour by NortonLifeLock, a global leader in consumer Cyber Safety, has revealed that nearly 7 in 10 (68%) of responding consumers making financial transactions online are willing to save their personal bank details on websites they trust.
Similarly, more than 8 in 10 (83%) respondents think financial fraud and data theft are biggest threat to online banking.
The details of the survey were published in its India Digital Wellness Report. The survey also revealed that convenience and time-saving 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%).
City-based millennials engage in more financial transactions online (98%) than any other generation surveyed, closely followed by Gen X (97%) and Gen Z (94%). Consumers in 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.
While digital wallets are seeing an increase in uptake, only 69 per cent of Indian respondents are engaging in wallet transfers.
“It is impressive to see that consumers in India are embracing the digital world and choosing to access the Internet for various routine activities such as paying bills, transferring money, booking tickets and more,” said Country Director, NortonLifeLock, India, Ritesh Chopra.
While 83 per cent of Indian respondents agree that fraud and data theft are the biggest threats to online banking, an alarming 80 per cent of the respondents think online payments made on apps and websites are always safe. This is especially concerning for Gen X, as 88 per cent are aware of the threats, but 86 per cent still believe online payments made on apps and websites are always safe. Furthermore, 85 per cent of the Gen X consumers are even willing to save personal bank details on websites they trust, despite knowing their personal information collected from cookies and apps can be sold to data brokers.
Further, the report reveals that the respondent women are ahead of men when it comes to their awareness of data collection through cookies and the use of search results for marketing purposes. However, almost 60 per cent of women transacting online don’t read the terms and conditions before accepting the policy guidelines of the apps and websites.
TREND IN PUNE
- Pune (94%) respondents use online transactions for shopping, highest amongst Tier 1 and metro cities
- Time Saving (91%) and Convenience (96%) are top benefits in performing online transactions for respondents of Pune