Almost a third of online consumers don't trust retail security

A new, global fraud research report, which surveyed consumers across 20 countries, reveals that a startling 29 percent of online shoppers do not trust retailers with their personal data. The study, conducted by ACI Worldwide, identified a general feeling of satisfaction with financial institutions shared among the majority of consumers, who believe that local credit unions and international institutions alike are doing more to protect their sensitive information online than retailers.

UK consumers have a bit more faith in internet retailers than average – 38 percent, the second most trusting country behind Norway at 42 percent, according to the study – and UK consumers also believe that hacker theft poses the greatest risk, and most would prefer banks to withhold personal credit card transactions until a fraud alert has been specifically dealt with.

“Retailers have their work cut out for them—to change consumer perception that shopping, be it online or in-store, is unsafe,” commented Mike Braatz, senior vice president, Payments Risk Management Solutions, ACI Worldwide, in an email to SCMagazineUK.com. “Consumer distrust,” he continued, “is exacerbated by the widely publicised retail data breaches over the past year.”