Research highlights need for financial institutions to act now to restore trust
CAMPBELL, Calif. – Oct. 24, 2024 – Utimaco, a leading global provider of IT security solutions, announced today the findings of a new survey with YouGov that delves into digital security perceptions among American consumers. Consumers are more worried about data security than ever before, which is shaping their choice of financial services providers.
Key findings of the survey include:
- Data security is a chief concern – 78% say they worry about their data security when using online services. In fact, 61% said security is the most important factor when picking a financial institution, up from 24% in 2023.
- Cash is king – Just 26% believe digital payment methods are secure from theft, and 38% of respondents said they think cash is the most secure payment form.
- Fraud risk remains high – 44% of respondents said they'd been the victim of data loss, identity theft or digital fraud; while that was down from 51% in 2023, the survey shows this is still a significant issue.
- Crypto is hyped up – Only 4% of respondents said they were interested in cryptocurrencies, with interest stemming primarily from younger adults and the northwest portion of the U.S.
Digital security is a multifaceted issue that impacts personal privacy, corporate reputation and national security. Consumers continue to "vote" with their wallets, increasingly prioritizing trust and security measures when it comes to banking. Financial institutions must bolster security measures to improve customer confidence, especially when adopting newer payment technologies.
Visit Utimaco at Money2020 in Las Vegas from Oct. 27-30 at booth #11814 to learn more about how advanced encryption security can help financial companies strengthen trust with their customers.
Cindy Provin, chief strategy and sales officer, Utimaco, said:
“Consumers are increasingly prioritizing security when it comes to where they choose to do business. Financial institutions must act now to restore trust and stay ahead. As banking becomes largely digitized, financial services companies must ensure the secure usage, transmission and sharing of data by implementing robust data privacy and security processes that comply with industry standards like GDPR and PCI.”
