Many consumers think financial institutions do a better job of protecting their data than retailers, and also government agencies and law enforcement. That’s according to an ACI Worldwide/Aite Group study of more than 6,100 people across 20 countries.

With the Target breach no doubt still fresh in their minds, 29 per cent didn't rate retailers when it comes to protecting stored personal and financial data against hacking attempts and data breaches; 58 per cent think financial institutions do a better job of protecting their data; 55 per cent feel stores where they shop use security systems that adequately protect their financial data against hackers and data breaches, compared to 62 per cent who believe that online shopping websites adequately protect this information.

“Consumer distrust is exacerbated by the widely publicised retail data breaches over the past year,” says Mike Braatz, senior vice president, Payments Risk Management Solutions, ACI Worldwide. "Retailers have their work cut out for them - to change consumer perception that shopping, be it online or in-store, is unsafe."

Whilst the FS sector comes out of this poll pretty well, there is still much work to be done. “Consumers want to engage in the battle against fraud. Financial institutions must take a proactive role in not only engaging customers in fraud-alerting activities, but educating them on preventative measures to take to most effectively combat it,” says Shirley Inscoe, senior analyst, Aite Group. “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.”

Share Story: