Transaction Trends

The payments industry is more secure than ever, but a new survey from Transaction Network Services published this month has found that consumers in the United States, the United Kingdom and Australia are concerned about data security and believe that more can be done to protect their sensitive financial information.

According to the Consumer Payment Card Data Security Perceptions report, 67 percent of respondents to the survey said they were concerned about the security of their data, with higher rates of concern correlating to higher ages. Seventy-three percent of those 55 and over said they were concerned while only 59 percent of those aged 18-24 reported concern.

The survey also found that Americans aren’t so sure where their data is safest. About half – 49 percent – of American respondents to the survey said they felt in-store payments were more secure than online payments. Furthermore, 17 points separated Americans aged 18-24 and Americans over the age of 55; only 44 percent of Americans over 55 said that in-store payments were more secure compared to 61 percent of those 18-24. Among all respondents — including Americans, Australians and British consumers — 55 percent said they believed in-store payments were more secure.

However, consumers also think that the onus lies on retailers for data security; 66 percent of Americans and 62 percent of all respondents believe that retailers, rather than banks and credit/debit card companies, are responsible for protecting their credit card data. While nearly two-thirds believe that retailers are most responsible for data security, an overwhelming 82 percent think that banks, payments companies and retailers all must do more to keep their payments information from fraudsters and hackers.

And the anxiety among consumers — particularly among older consumers — is high. Eighty-five percent of respondents stated that they believed the number of criminals trying to steal their sensitive payments information is increasing. A staggering 94 percent of Americans over 55 answered in such a way.

Support for data encryption was generally high among U.S. consumers, with 76 percent responding that the method of scrambling data uniquely every transaction would be an effective way to protect their data.

The survey was conducted via online panels in early May 2017. The samples were comprised of 1,037 Americans, 1,010 English and 1,002 Australian consumers. The full survey results can be found here.