More than half of voters are concerned with data breaches when purchasing goods at a large retailer, according to new Morning Consult survey data, underscoring the need for national data security standards.
As the number of retail data breaches increases, consumers continue to place more trust in banks and card companies when it comes to security and innovation. The survey showed there is a 32-point margin between people who trust card companies versus people who trust retailers when it comes to keeping card information secure. Plus, banks and card companies are the only entities a majority of voters place a lot of trust when it comes to the security of their personal information.
While financial institutions are subject to the data security requirements set by the Gramm-Leach-Bliley Act (GLBA), there are no similar national standards for retailers. The Electronic Payments Coalition (EPC) has long advocated for national data security standards to better protect consumers’ personal information from breaches.
“Financial institutions are committed to protecting their customers’ information before a breach even occurs. But if it does, they work hard to minimize the harm to their customers,” said Molly Wilkinson, executive director of EPC. “Until there are similar data security standards for retailers as there are for financial institutions, community banks and credit unions will continue to take on the burden of card replacement costs, reimbursing customers for fraud, and monitoring for fraudulent activity.”
Additionally, seven in ten voters say it is likely a more secure way to pay for goods will be introduced over the next few years. Four times as many voters trust banks and financial institutions over retail stores to develop these new, more secure payment technologies.
“In today’s ever changing world, we cannot remain static with our technologies,” said Wilkinson. “This is why banks and card companies are continuously innovating and providing new technologies for their customers to make their lives better and safer. Providing consumers with the latest security, as well as easy ways to pay, is a major focus of the payments industry.”
To view EPC’s infographic on the polling, click here.
Morning Consult, on behalf of the Electronic Payments Coalition, conducted an online survey of 2,000 registered voters from August 23-24, 2017. Results from the full survey have a margin of error of +/- 2 percent.