Only 55 percent of global consumers feel stores use security systems that adequately protect financial data against hackers and data breaches, compared to 62 percent who believe online shopping websites adequately protect information, according to the ACI Worldwide and Aite global fraud study Global Consumers: Concerned and Willing to Engage in the Battle Against Fraud.
Nearly three in 10 global consumers do not trust retailers to protect stored personal or financial data against cyber risks, and 58 percent think financial institutions do a better job of protecting data than retailers, government agencies or law enforcement. Despite this, 42 percent of global consumers do not recall receiving any anti-fraud information from their financial institution.
“Communication is key when it comes to financial institutions making customers aware of the tools available to fight fraud. This can have a big impact in customer satisfaction and loyalty,” says Shirley Inscoe, senior analyst, Aite Group.