infoTECH Feature

October 20, 2015

Report Shows Consumers Want Businesses to Increase Online Security

A recent study shows that customers are extremely interested in what retailers are doing in order to protect their financial information. The report, issued by the American Banker’s Association (ABA) found that an overwhelming majority of people think retailers should be going the extra mile to protect consumer data from hackers.

Companies have taken quite a few steps towards mobile applications, and there are a number of positives that come with that. On the flip side, the more business that is being done using the Internet, the more information becomes a target for hackers who are looking for credit card information and the like. This is why the ABA report says that a whopping 94 percent of those surveyed said they believe retailers should do more to protect account information.

Of the 1,006 people who were involved in the study, another 70 percent say retailers should be installing EMV chip-enabled card readers as soon as possible. “Millions of Americans have had their most sensitive information compromised in retailer data breaches, so it’s understandable that consumers are concerned that retailers aren’t doing more to prevent future hacking incidents,” said Doug Johnson (News - Alert), ABA’s senior vice president of payments and cybersecurity policy in a recent release. “These survey results reaffirm what we’ve believed all along.  Retailers need to join with banks and payment networks to combat fraud and focus on the future by updating their payment security systems and proactively working to address emerging threats head-on.”

Finally, the ABA report found that a vast majority of consumers (88 percent) said that in securing their data, companies need to be innovative. Credit card companies in particular need to come up with new protection protocols. Consumers are also very keen on the zero liability policies most financial institutions have in place that don’t hold customers liable when there is a data breach.




Edited by Kyle Piscioniere
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