Consumer Survey: Retailers Should Improve Data Protection

ChipCardStudy.jpgAn overwhelming majority — 94 percent — of consumers think retailers should take steps to better protect consumer data from hackers, according to an Ipsos Public Affairs survey conducted for ABA. Seventy percent say retailers should be installing EMV chip-enabled card readers as soon as possible.

Nearly 80 percent of consumers think the government should hold all companies involved in the payments system to the same security standards. And 64 percent of consumers report being most concerned about hackers breaking into retailers’ computer systems, compared to just 16 percent who worry about physical card theft — which is the only fraud that retailers’ push for chip-and-PIN would address.

“Millions of Americans have had their most sensitive information compromised in retailer data breaches, so it’s understandable that consumers are concerned that retailers aren’t doing more to prevent future hacking incidents,” said ABA SVP Doug Johnson.