Information services provider Experian has reported that online gamers have the lowest tolerance for identity verification checks – with players only prepared to spend an average of four minutes in the process before abandoning the online gaming transaction.
The online gaming sector had the lowest time tolerance across all sectors studied, including retail transaction (five minutes) and transport (six minutes).
Despite the low amount of time online gamers are willing to wait, the four-minute window is an increase from one minute in a 2011 study.
Experian’s analysis also revealed 45% of UK adults have backed out of an online transaction after becoming frustrated with security checks. Nearly half of these took their custom to a competitor, while one in five gave up completely.
Nick Mothershaw, director of identity and fraud at Experian, said, “Identity verification is becoming an increasingly important part of e-gaming operations, particularly as the online industry for this sector grows, and the process of dealing with consumers face-to-face is becoming less commonplace.
“However time-consuming they appear, identity checks are in all our interests, not only protecting businesses from fraud but also individuals.”
“Customers are looking for a quick, easy procedure when opting to partake in online gaming. The more straightforward the system, the better this is for both the customer, as well as provider.
“Our research shows that e-gaming businesses are at risk of losing out on trade as thousands of consumers are taking their custom elsewhere.
“It is therefore vital for online gaming outlets to make sure the transaction process is as fast and simple as possible, without compromising the level of site security, in order not to miss out on business.”