Fewer Than 50 Percent of Global Consumers Trust Businesses to Protect Their Financial and Payments Data
As payments are increasingly shifting to mobile devices and global fraud continues to rise, consumers must be vigilant about mobile fraud protection. Across the globe, consumers are adapting to technology advancements -- including the ubiquity of mobile wallets and a continued shift to online shopping -- impacting their perceptions around payments data security.
Principal study findings include:
- Global consumers are not confident in firms' abilities to protect their stored data; only in the
U.S., (54%), India(60%) and Thailand(51%) do consumers report at least 50 percent confidence that their stored data is well-protected
- Across all regions, the top security concern is theft by computer hacking (32% in the
U.S., 45% in Germany, 37% in Indonesia)
- Globally, over 80 percent of consumers think their mobile wallet's personal and financial information is secure
- After experiencing fraud or a data breach, 65 percent of consumers indicated they would stop shopping with a given merchant
- Consumers are generally willing to interact with organizations to mitigate fraud, overwhelmingly preferring to engage with relevant organizations via mobile device
- 75 percent of consumers globally are very interested in receiving a call or SMS message to their mobile device to help mitigate fraud.
"This data is a further wakeup call to the broader payments industry, including merchants, banks and financial intermediaries, that we must proactively educate consumers about security measures that are in place -- to allay consumer concerns, which will not only result in enhanced customer experiences, but also help to reduce fraud losses," said
"Our research shows that consumers want to proactively manage fraud, particularly by leveraging mobile technology -- whether it's text or talk," said
* Methodology and Demographics:
Americas: Brazil, Canada, Mexico, and the United States
France, Germany, Italy, the Netherlands, South Africa, Sweden, the United Arab Emirates, and the United Kingdom
Australia, India, Indonesia, New Zealand, and Singapore. China, Russia, and Polandwere removed compared to 2014, and Spain, Thailand, and Hungarywere added for 2016.
In total, 6,035 consumers were included in the research -- approximately 300 consumers, divided equally between men and women, participated in each of the 20 countries. Of the total, 5,861 own one or more type of payment card -- credit card, debit card, or prepaid card. This is the fourth time that ACI has fielded this type of survey, and some comparative results are included from 2012 and 2014. In each country, the data have a margin of error of approximately five points. Statistical tests of significance, where shown, were conducted at the 95% level of confidence.
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