Highlights
- Cyberattacks are commonplace, with a 250% increase in attack frequency since 2021.
- The digital marketplace demand is expanding, but many consumers lack trust in online purchasing processes.
- Extensive multi-factor authentication (MFA) can frustrate online shoppers, but mobile-based authentication practices appear to provide relief.
Cyberattacks are a part of a consumer's everyday life
Cyber attacks are becoming more frequent, with 65% of consumers experiencing an attempt or threat in the last 12 months.
increase on hacked social media from 2021 (27%) to 2024 (52%)
increase on email phishing at home from 2021 (38%) to 2024 (67%)
increase on email phishing at work from 2021 (26%) to 2024 (53%)
Balancing convenience and security when shopping online
While the digital marketplace continues to expand, consumers still worry about transaction safety and security, as only 25% of consumers trust digital payments over physical. This comes at a time when 55% of consumers are making at least half of their purchases online.
32%
of consumers most often use credit cards
While 35% find credit cards to be among the least secure payment methods
27%
of consumers most often use digital wallets
While 36% find digital wallets to be among the least secure payment methods
20%
of consumers most often use debit cards
While 35% find debit cards to be among the least secure payment methods
While mobile-based MFA practices reign supreme, most consumers find it tedious
67%
have abandoned an online purchase due to an excessive authentication process
57%
feel MFA causes them more frustration than offering peace of mind
72%
have added a phone number, face ID, etc. for two factor authentication protection
- National Retailer CISO
- Banking CISO
- Banking Cybersecurity Executive
“We need to remember that everybody was freaked out by the cloud at first. A big part of it is education and fixing the falsehoods around it.” National Retailer CISO
Consumers create their own fraud barriers
While consumers main concern is account takeover, they actively share account information, making these prevention processes more difficult.
of consumers worry about an account takeover every month or more
Most concerning threats to consumers
71
%Account takeover
53
%Phishing/spoofing
44
%Social engineering
AI is increasing cybersecurity concerns
As AI reshapes digital interactions, it is raising concerns among consumers when it comes to cybersecurity.
believe AI is increasing their worry about cyberattacks
are neutral about whether AI and their worry about cyberattacks
don t believe AI is increasing their worry about cyberattacks
CISOs offer insight on how merchants can better support users
About the report
The Fall 2024 Carat Insights report dives into consumers' reactions to cyber-insecurity and what merchants can do to put their customers' minds at ease when shopping online.