Consumers trust CUs over merchants for data security: Bizrate
LOS ANGELES (12/18/14)--Online shoppers trust their credit unions more than merchants when it comes to data security, according to a new survey.
In a poll of 62,000 online shoppers conducted by Bizrate Insights, when asked which company they most trust with their payment and personal information, 72% of respondents listed their credit union or bank.
The second most-trusted entity was PayPal, which was named by 48.9% of respondents, followed by Amazon, which garnered 45.4% of responses. Apple was fourth, with 21% of responses.
Overall, three of four (76%) online buyers are dissatisfied with the strength of credit card and personal information security among retailers. Across all generations and both genders, a shopper's own financial institution is trusted the most with credit card data and personally identifiable information.
The Credit Union National Association has stepped up its advocacy efforts to protect credit unions and other financial institutions, as well as consumers' data, from ever-increasing data breaches. Resources recently made available include a Stop the Data Breaches website, a video providing an overview of retailer data breaches and increased communications to legislators and other stakeholders pressing for stricter merchant security standards.