Major payment data concerns among consumers
Retailers should address low security expectations
A survey commissioned by Transaction Network Services (TNS) has found that 85 percent of adults in the US, UK and Australia believe the number of criminals trying to steal credit and debit card data is increasing.
More than two thirds are concerned about the security of their payment card data and 38 percent feel their private credit or debit card data has been put at risk by a data breach, irrelevant of whether they subsequently were a victim of fraud.
Lisa Shipley, Executive Vice President and Managing Director of TNS’ Payment Network Solutions, said: “Our survey unveils high levels of concern about the security of payment card data and strong feelings among consumers that banks, retailers and other organizations involved in the payment card industry need to do more to protect their personal data.
“While the payments industry has made significant advances in protection in recent years, criminals continue to find increasingly sophisticated ways to target valuable payment card data. One in five respondents in our survey confirmed their credit or debit card data had been used fraudulently in the last two years, so this highlights that we must continue to drive forward with new security measures.”
TNS asked respondents about encryption as a solution and 74 percent said they believed this would be a secure way of protecting their personal data.