American Consumer Payment Security Perception
Security is paramount, especially when it comes to our finances. Utimaco commissioned YouGov to delve into the perceptions and realities of digital security among American consumers, and the findings in the 2025 Utimaco Digital Trust Report: US Secure Payments Edition are both illuminating and concerning.
This year's survey of 2,390 individuals reveals a growing apprehension about digital security, alongside some intriguing trends in payment preferences and financial institution choices. The report uses global data from the Circles of Trust: Exploring Consumer Trust in Digital Society Report for international comparison.
Download the 2025 Utimaco Digital Trust Report: US Secure Payments Edition Today!
Rising Concerns as Impact Intensifies
The report highlights a significantly increased concern for data security when using digital services. A striking 78% of respondents expressed concerns about their data security when using online services, up from 73%, signaling a clear trend toward heightened awareness of digital threats. Moreover, the survey reveals a shift in the intensity of these worries, with more individuals expressing significant concern (30%, an increase of 4%) rather than just a little (13%, 6% fewer) worry much. It's not just a vague worry anymore; it's a genuine fear of potential breaches and their consequences.
This increased concern is not unfounded. 44% of participants reported having experienced data loss, identity theft, or online fraud. While this is a slight decrease from 51% the previous year, the impact of these incidents has intensified. A substantial 29% of victims experienced significant harm, an increase from 22%. These figures show that while the overall number of incidents might be declining slightly, the consequences for those affected are becoming more severe, underscoring the urgency for robust security measures.
Payment Preferences: Cash is Still King
Despite the convenience and ubiquity of digital payments, cash remains the most favored method and is considered the most secure. A notable 38% of respondents in the US prefer cash as the most secure option, an increase from 27%. This preference is particularly strong among older demographics (55+), who tend to trust newer digital payment methods less.
However, the landscape is slowly changing. Credit/debit cards and digital wallets have gradually risen from 23% to 27% over the past year. This indicates that consumers are slowly becoming more comfortable with digital transactions, but only when they perceive them as secure. Conversely, trust in cryptocurrencies remains very low, with a mere 4% of respondents viewing them as a secure option. High-profile scandals and fraud continue to deter mainstream acceptance of cryptocurrencies. In contrast, 12% believe that digital wallets are safe.
The Role of Financial Institutions
The study sheds light on the crucial role that financial institutions play in this digital landscape. A significant 61% of respondents stated that digital security is a critical factor when choosing a bank or credit card provider. This marks an increase from 53%, highlighting the growing influence of security concerns on consumer decisions. Interestingly, some regional variations exist, with the West and Northeast of the US showing a lower tendency to prioritize security. There are also income variations, with lower-income earners considering digital security a slightly lower priority.
Global Comparisons: Americans are the Most Victimized
The report contains valuable comparisons with other countries. The US stands out with its high reported data loss, identity theft, or online fraud victimization rates, at 44% compared to the 36% global average, with Germany reporting the least victimization at 15%. The report further illustrates significant national differences in attitudes toward and experiences with digital security, with a country's wealth being an influencing factor.
Download the 2025 Utimaco Digital Trust Report: US Secure Payments Edition Today!
Looking Ahead
Digital security is not just an IT issue; it's a multifaceted problem that impacts personal privacy, corporate reputation, and even national security. Individuals, businesses, and governments must work together to implement robust security measures.
Key Recommendations
The report provides several key recommendations:
- Drive confidence in digital payments by educating users and building confidence in digital solutions.
- Bolster security measures by ensuring full compliance with industry standards like PCI DSS and FIPS 140.
- Align stakeholder support by communicating the business benefits of being proactive with security.
- Drive a strong compliance stance by following and upholding all industry standards and regulations.
- Futureproof cloud and hybrid approach by planning and managing cloud and hybrid as-a-service deployments to ensure the best protection.
The Takeaway
These findings underscore the need for financial institutions to implement strong security measures and effectively communicate these efforts to their customers. Building trust is crucial for customer retention and attracting new business in today's digital age.
Ready to Learn More?
This blog only scratches the surface of the insights in the 2025 Utimaco Digital Trust Report: US Secure Payments Edition. We encourage you to download the full report to delve deeper into the data, understand the full scope of the findings, and gain a competitive edge in this critical area.
Download the 2025 Utimaco Digital Trust Report: US Secure Payments Edition Today!
