UK consumers are prepared to answer additional security questions for higher value transactions, according to the results of a new survey.

The poll, conducted by YouGov for Equifax, found that 57 per cent of Brits would be happy to go through more security checks when accessing bank accounts to make transactions worth over £1,000. Some 51 per cent would also do the same for online purchases of over £500.

But in terms of lower value transactions, only 21 per cent of respondents would be willing to answer extra security questions for day-to-day banking transactions, dropping to just 15 per cent when it came to making everyday purchases online.

Equifax argued that the survey’s findings illustrated how important it was for financial institutions to ensure that security checks struck the right balance between risk management and a convenient customer journey.

John Marsden, fraud and identity expert at Equifax, explained: “A deeper understanding of a customer’s behaviour, interactions and traits helps to maximise their experience. Consumers don’t want to be challenged when their spending behaviour is completely usual, but they expect and even welcome additional checks for transactions they deem high risk.

“Consumers expect transactions for a substantial amount of money to trigger an alarm or warning with their financial providers, especially when it’s not part of their normal spending patterns,” he added. “Without the surety of additional checks, they may not feel that they can trust the provider to intercept a risky transaction and prevent fraudulent activity on their accounts.”

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