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Bizrate Survey Reports 2/3 of Consumers Worry about Merchant Payment Security
Friday, February 6, 2015 6:40 AM

No matter where data breaches occur, all retailers are affected by reported incidents of personal information theft. A recent Bizrate study found that almost 2/3 of online buyers agree that retailer security to protect their credit card and personal information isn’t strong enough.

Examining buyer anxiety around data security, the study said opinions varied according to age group. Retailers who are courting Generation Y have less to worry about than brands that are targeting older generations. Gen Y shoppers are substantially less likely to agree (across mobile, web, and retail store channels) that retailer data security isn’t strong enough, while Seniors and Boomers are likelier to be on the other side of the spectrum.

Survey about whether security at retailer's is strong enough

In the Bizrate survey, when asked why they were concerned about payment data at merchant stores, the most common response (43 percent) was because of recent news reports. One in six said they were already victims of a breach, and 12 percent said they didn't believe the store would take care of them if a problem occurred.

Top reasons why consumers believe retail security isn't strong enough

There's something to that growing reluctance from consumers to make purchases at retailers; in the survey, 29 percent said they were reluctant to make purchases at brick-and-mortar stores.

When asked whom buyers trust with their personal information and why, respondents answered overwhelmingly, Amazon.

CUNA continues to press lawmakers to pass legislation that would require merchants to meet the same strict payment data security standards imposed on financial institutions. In a recent letter submitted for the record of an upcoming Senate subcommittee hearing on consumer protection, CUNA argued that federal data breach legislation must contain strong national data protections and consumer notification standards, in addition to effective enforcement provisions.