PRESS RELEASE: Four in five consumers aren’t confident that their financial information is secure when dealing with big brands who take card payments over the phone, according to a new survey by Elitetele.com. In addition to this, a third (33%) don’t believe their data is more safe today than it was five years ago. These concerns highlight the importance of companies being PCI Compliant ahead of some of the most significant changes to the EU data protection laws expected in the next two years.
With recent findings demonstrating a significant rise in cybercrime, it is surprising that UK consumers appear to be more worried about making card payments over the phone than online. The survey reveals that 32% would feel less secure making a purchase over the phone, compared to only 22% who would worry about the security of their card details when buying online.
Consumers also believe small businesses are a concern. One in ten respondents worry that small businesses are more likely to be targeted by hackers and cyber criminals, as well as not being up to date with compliance standards. Over one in ten (12%) of 25-34 year olds worry most that smaller businesses are likely to be targeted by hackers and that their details are more at risk than with a big brand.
The survey of 2,000 UK consumers by Opinion Matters also revealed that nearly one in six (15%) of the 55+ demographic are most worried about small businesses not having the right level of technology in place to process electronic payments securely.
Recent changes to the EU Data Protection laws show that Data Protection Regulations are expected to be introduced in 2017, despite this, the Information Commissioner’s Office (ICO) has already urged businesses to start taking action.
Matt Newing, CEO at Elitetele.com says, “It’s clear consumers distrust both big and small companies. To win over customer trust businesses need to ensure they are equipped and updated with the latest PCI compliant technology to secure sensitive information.
“The recent high profile data breaches mean a lot of businesses are being tarred with the same brush. Having the correct technologies in place allows a business to protect consumer data so it can proactively communicate its compliance to its customers, earn their trust and therefore safeguard the growth of the business.”