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Recent Cyber Monday Statistics | Biometric Authentication

According to a new report, online shoppers don’t make Cyber Monday deals the way they did it in the past. A 2016 holiday shopping study by one of the leading international payment service providers shows that of 76% of US and UK consumers planning to shop online during the 2016 holiday season only 38% were going to do so on Cyber Monday. The survey participants blamed the scarcity of big savings for the pullback.

When it comes to preferred payment methods, the report shows the most widely-used online payment method in the US was the credit card (59% of survey participants). Then, came PayPal (35%) and debit cards (25%). UK consumers mentioned PayPal as the most trusted online payment method (50%). Then came credit cards (38%) and debit cards (33%).

Online customers were mostly concerned about security issues. Only 19% of survey participants believed using biometrics instead of passwords for purchase authentication could mitigate security-related risks. Over 15% of respondents thought their biometric data were being spoofed.

It is critical for merchants doing an online business to turn to a reliable payment processing company like EMB is the top high risk payment processor in the US and boasts an A+ rating with the Better Business Bureau (BBB). EMB offers unique chargeback protection and prevention programs. EMB is rated A by Card Payment Options and is one of Inc 500’s Fastest Growing Companies of 2016.

According to the CEO of one of the top international payment service providers mentioned above, there was nothing unusual about the fact that the online shopping trend was going to continue during the 2016 holiday season. It was worth mentioning that despite the existing interest in making purchases online, consumers were highly concerned about whether their personal information would be protected or not.

However, consumers don’t show great interest in taking measures to protect their personal information. Before we could move forward with newer authentication technologies, it is vitally important to have securely stored data and then open a possible new area to identify theft.