The number of Europeans regularly using a mobile device to make payments has tripled in the past year, but over two in five Brits feel more at risk when paying for things on their smartphone compared to a year ago.
New research from Thales e-Security surveyed 2000 UK consumers and discovered that nearly three-quarters worry about the risks associated with using contactless payments or when paying for things on their smartphone.
Brits are most worried about having their financial data stolen by hackers, with 29 percent admitting this as their biggest fear when using the technology, closely followed by identity theft (20 percent).
Despite these fears, 45 percent admitted they don't take more precautions to protect the data on their smartphones from potential hackers now in comparison to a year ago. One in 10 Brits do not know how to protect the data on their smartphone.
A generational trend showed that the biggest fear when paying for things using their smartphone for the younger generation (aged 18-24) was where their data goes (15 percent). Meanwhile, the older generation cited their biggest fear as their personal details (financial data or identity) being hacked. Two-thirds of the older generation admitted they now take more precautions today than a year ago.
“As cash continues to decline in popularity, a focus on securing the digital alternatives has to be a number one priority. Consumers across the UK are becoming more fearful of using the technology, sharing their concerns that their valuable, personal information could be stolen or compromised by hackers,” said Jose Diaz, director of payment strategy at Thales e-Security.
“Recognising the difference in securing digital payments compared to traditional payment methods, as well as educating consumers on how to best secure their data, is essential for innovative new payment methods to prosper without the security hiccups,” Diaz concluded.