July 25th, 2017
A survey* commissioned by Transaction Network Services (TNS) has found that 85% of adults in the US, UK and Australia believe the number of criminals trying to steal credit and debit card data is increasing.
More than two thirds are concerned about the security of their payment card data and 38% feel their private credit or debit card data has been put at risk by a data breach, irrelevant of whether they subsequently were a victim of fraud.
Lisa Shipley, Executive Vice President and Managing Director of TNS’ Payment Network Solutions, said: “Our survey unveils high levels of concern about the security of payment card data and strong feelings among consumers that banks, retailers and other organizations involved in the payment card industry need to do more to protect their personal data.
“While the payments industry has made significant advances in protection in recent years, criminals continue to find increasingly sophisticated ways to target valuable payment card data. One in five respondents in our survey confirmed their credit or debit card data had been used fraudulently in the last two years, so this highlights that we must continue to drive forward with new security measures.”
TNS asked respondents about encryption as a solution and 74% said they believed this would be a secure way of protecting their personal data.
Ms Shipley said: “We were one of the first pioneers of encryption in the payments environment many years ago and now have established relationships with Verifone, Ingenico and Bluefin. We have helped a number of large merchants implement this added layer of protection and expect to see more organizations add this to their strategic infrastructure over the coming months.”
TNS is publishing the key findings of its survey in a new report entitled Consumer Payment Card Data Security Perceptions. Among other things, it also looks at consumer experiences with fraudulent card use, the falling levels of trust regarding payments made in-store and where consumers perceive responsibility for payment data security lies. Download your copy by clicking here or emailing email@example.com.