7 November 2006

Conducting transactions online is safer than many other forms of payment, according to new research.

UK residents are more likely to experience fraud or theft when using physical or telephone payment methods, a study by PayPal has revealed.

More than one-third of Britons (35 per cent) has suffered fraud after having their wallet or bag stolen, while 71 per cent know someone who has been a victim of this crime.

Neil Edwards, head of financial planning at PayPal UK, comments: "Paying over the Internet is an easy and safe choice.

"As our research shows you are more than twice as likely to have your wallet or purse stolen than suffer from online fraud."

However, Mr Edwards notes that some consumers feel uncomfortable about making payments over the Internet.

Earlier this year, IT Backbones reported on research conducted by MutualPoints, which found that 97.5 per cent of Britons had purchased an item online, while a third would spend more than £500 on the Internet.

© Adfero Ltd

Keep up to date with industry and Nomensa news by signing up to Nomensa newsletters.