Exacerbated by a year of well-publicized data breaches, consumers increasingly distrust retailers who have access to their personal information. In the new study "Global Consumers: Concerned and Willing to Engage in the Battle Against Fraud," universal payments company ACI Worldwide and Aite Group found that only half of customers believe the stores where they shop use security systems that adequately protect their financial data from hackers.
Perhaps surprisingly, more people trusted online shopping websites than trusted physical stores, maybe in part as a result of the Target breach that affected brick and mortar locations last year. Nearly three out of 10 said they do not trust retailers to protect stored personal and financial data. Customers have more faith in their banks—almost three out of five think that financial institutions do a better job protecting their data than retailers, government agencies or law enforcement.
Three-quarters of respondents also said they are "very interested" in getting phone, email or text message alerts about suspicious activity, yet 42% do not recall getting any anti-fraud information from a bank.
In Banks We Trust
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