Quarter of Brits Wary of Real-Time Payments Security

Survey reveals concerns over security checks and highlights opportunities for banks to build consumer confidence

Highlights:

1. Nearly 23% of UK consumers are uncertain about the adequacy of security checks in real-time payment (RTP) processes.
2. UK RTP usage is below the global average, with 79% of consumers having sent RTP compared to 91% globally.
3. Banks are urged to educate consumers on RTP benefits and implement robust scam protection technologies.

Summary: A recent survey conducted by FICO highlights that nearly a quarter of UK consumers remain uncertain about the security of real-time payment (RTP) processes. While RTP adoption in the UK is growing, it lags behind global averages, with only 79% of consumers having sent RTP compared to 91% globally. The survey also reveals that just 35% of UK respondents consider RTP more secure than credit cards, indicating a need for banks to enhance consumer education and confidence.

As RTP usage continues to rise, banks are encouraged to adopt advanced scam protection technologies and communicate the benefits of RTP to their customers effectively. This approach could accelerate RTP adoption and safeguard consumers against potential fraud.