Less than 50% of consumers trust business with their financial data

But trust in mobile wallets is growing

Consumers across the globe are more concerned with protecting their financial and payments information stored on a computer than they are with protecting this data when stored on a mobile wallet. That’s according to new data ACI Worldwide’s Global Consumer Survey: Consumer Trust and Security Perceptions report, published in association with Aite Group. The global fraud study of more than 6,000 consumers across 20 countries revealed that only 43 percent of global consumers trust businesses, including restaurants and merchants, to protect their financial data—while surprisingly, more than 80 percent of global consumers generally believe their mobile wallet data is secure.

As payments are increasingly shifting to mobile devices and global fraud continues to rise, consumers are advised to be vigilant about mobile fraud protection. Across the globe, consumers are adapting to technology advancements—including the ubiquity of mobile wallets and a continued shift to online shopping—impacting their perceptions around payments data security.

Principal study findings include:

  • Global consumers are not confident in firms’ abilities to protect their stored data; only in the U.S., (54%), India (60%) and Thailand (51%) do consumers report at least 50 percent confidence that their stored data is well-protected
  • Across all regions, the top security concern is theft by computer hacking (32% in the U.S., 45% in Germany, 37% in Indonesia)
  • Globally, over 80 percent of consumers think their mobile wallet’s personal and financial information is secure
  • After experiencing fraud or a data breach, 65 percent of consumers indicated they would stop shopping with a given merchant
  • Consumers are generally willing to interact with organisations to mitigate fraud, overwhelmingly preferring to engage with relevant organisations via mobile device
  • 75 percent of consumers globally are very interested in receiving a call or SMS message to their mobile device to help mitigate fraud.

“This data is a further wake-up call to the broader payments industry, including merchants, banks and financial intermediaries, that we must proactively educate consumers about security measures that are in place—to allay consumer concerns, which will not only result in enhanced customer experiences, but also help to reduce fraud losses,” said Andreas Suma, vice president and global lead, fraud and data, ACI Worldwide. “Moreover, consumers must become more proactive in securing their personal data by using the fraud prevention measures and services offered by their financial institutions.”

“Our research shows that consumers want to proactively manage fraud, particularly by leveraging mobile technology – whether it’s text or talk,” said Shirley Inscoe, senior analyst, Aite Group. “This willingness opens opportunities for financial institutions to optimise the ways in which they reach out and communicate with consumers, ultimately improving the customer experience while reducing operational costs and fraud losses.”

Download your copy of the report