November 14, 2017
November 13, 2017
Posted July 31, 2015
MasterCard Survey Shows 77 Percent of Americans More Worried about Revealing Financial Info than Revealing Pix (59 Percent)
Perhaps it shouldn’t be all that surprising that protecting financial information online would be an extremely high priority for Americans. But in a MasterCard survey reported on cpacracticeadvisor.com, protecting financial information comes in as a greater concern than having email hacked (62 percent), a home burglarized (59 percent), or naked pictures leaked online (55 percent). Of course, how much one would worry about pix sans clothing being leaked could depend on how one looks in the altogether.
The MasterCard survey produced many fascinating insights into Americans’ views on protecting personal data which were highlighted in the cpacracticeadvisor.com article. The following has been excerpted from that article and edited to fit our format. You may find the full piece by clicking on this link.
Precautions less than ideal
Ninety-two percent of Americans feel they take precautions to protect their financial information, yet roughly half (46 percent) rarely or never change passwords for online financial accounts.
44 percent use the same password for multiple online accounts, and more than a third (39 percent) have checked their financial data online on public networks.
Consumers ready for new ways to pay
A majority of consumers (69 percent) use chip cards or plan to use them soon. In addition, more than half (56 percent) currently use mobile digital payments via an app or website or plan to try it soon.
Americans take an active role in protecting their personal information
About half (48 percent) of consumers believe they are most responsible for protecting their own financial information from being stolen or comprised.
More secure ways to pay
A majority (83 percent) of consumers are excited about new secure technologies helping protect their financial information and 77 percent feel there are more secure ways to pay than ever before. Most people (88 percent) also trust that their payment network is arming them with secure technologies to protect them from fraud, and a majority (77 percent) feel that new technologies in the payment sector are having an overall positive impact on personal security.
New payment technologies becoming part of Americans’ everyday vernacular
While some technologies are still growing in popularity, consumers already have some awareness of these new ways to pay. Three-quarters of Americans have heard of biometric payments and a majority (82 percent) have heard of contactless or tap-and-go payments.
Millennial generation has most confidence
While the survey does not show big swings in behavior and technology adoption by generation, Millennial Americans (45 percent) are least likely to believe that the risk of their financial information being stolen or compromised is going to increase in the next three years, compared to 58 percent of Gen-Xers and 61 percent of Baby Boomers.