Consumers concerned about financial data protection

Solidcore surveyed more than 500 consumers nationwide about credit card use, and to gauge their privacy fears and buying habits when shopping at various retail stores. The survey illustrates that consumers are concerned retailers are not doing enough to protect their personal data, and that these consumers will evaluate the risk of data breach when deciding whether or not to use credit cards at retail locations.

An overwhelming majority of consumers (81 percent) believe that some retail locations are safer than others for using credit and debit cards, and most (74 percent) would not shop where they feel their financial or personal information may be at risk. Among the consumers polled, the greatest fear is that credit and debit card payment processing systems (also known as point of sale systems) may be vulnerable to fraud or data theft. Furthermore, a significant majority of respondents would feel safer if the retailer’s point-of-sale (POS) system was certified by a trusted third-party.

Majority of consumers worry retailers aren’t doing enough to protect data — Among the chief concerns of consumers, 42 percent of respondents worry that POS systems are insecure or at risk of fraud, while only 4 percent worry their receipt will be stolen.

Consumers will not use credit or debit cards when retailers seem untrustworthy — 81 percent of consumers acknowledge that some retail locations are safer than others for using credit and debit cards, and 74 percent of consumers acknowledged they would never shop at a retail store they feel puts their information at risk. However, 21 percent said they would sometimes shop at a “risky” retailer.

POS security certification can alleviate consumer buying fears — 83 percent of respondents felt that an industry-standard certification of POS systems from a trusted third-party would make them feel more comfortable about shopping with the retailer. Currently no industry standard exists, but retailers working with Qualified Security Assessors (QSAs) to implement security solutions can gain a degree of confidence that permeates the organization.

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