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UK consumers do not trust businesses to protect financial and payments data

UK consumers do not trust businesses to protect financial and payments data

More than half of UK consumers are concerned about the ability of businesses and financial institutions to protect financial and payments data, with 19% of respondents saying they do not trust firms to protect their data and 33% saying they are unsure, according to a new global report from ACI Worldwide and Aite Group.

Best data protectors in EMEAConfidence levels were similar across the globe and only three countries had more than 50% of respondents indicate that they trust institutions to protect their financial and payments data. In some countries with very strict data security guidelines, such as Germany and Singapore, consumers report some of the lowest levels of confidence in data security and control.

The “Global Consumer Survey: Consumer Trust and Security Perceptions” surveyed more than 6,000 consumers from 20 countries on their perceptions and opinions toward fraud in shopping, data protection, and the ways they want to engage with firms to minimise fraud.

More than a third of UK respondents (35%) consequently see theft by computer hackers as the biggest fraud risk, while using cards for purchases via telephone, using a phone or tablet to shop or pay bills and shopping online are all perceived as less risky. After experiencing fraud or data breach, 56% of UK consumers said they would stop shopping with a given merchant.

“With stories about data breaches regularly dominating the news headlines, these results do not come as a surprise. Most financial institutions and businesses worldwide have invested considerably in sophisticated fraud monitoring and prevention solutions; however, fraudsters also invest considerably. They continually find new ways of attacking IT systems and thereby collecting and monetising confidential data,” explains Jay Floyd, Head of Fraud Strategy and Solutions EMEA, ACI Worldwide.

“The findings should serve as a wake-up call to the industry to better educate consumers and to highlight security measures that are in place. Consumers on the other hand must become more proactive in securing their data and make use of the fraud prevention measures and services offered by their banks.”

The post UK consumers do not trust businesses to protect financial and payments data appeared first on Payments Cards & Mobile.

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