New Research Shows Loss of Personal/Financial Data the No. 1 Concern of Consumers Worldwide

A global survey of consumer attitudes released today by Visa International reveals that the theft or loss of personal or financial information is the number one concern among consumers worldwide, with 64% expressing anxiety over such an occurrence.

The global response to theft or loss of information surpassed environmental degradation (62%) and terrorism (58%) as causes for concern. Other major issues for the consumers were job losses (57%), disease or epidemics (55%) and natural disasters (48%).

China, however, recorded an even higher concern level with information security than the worldwide average, with 77% of Chinese indicating they are highly concerned about having personal or financial information lost or stolen. 76% of consumers in India were also very concerned about lost or stolen information.

Both China and India were in the top four countries most concerned about lost or stolen personal information among the 12 countries surveyed. At 52% and 48% respectively, the levels of concern drop significantly among consumers in Japan and Australia, the other two Asia Pacific markets included in the survey. 

Corresponding to China’s overall concerns, 90% of the Chinese reported that they were more concerned as a result of what they had heard or seen on the news. Along with South Africa, this was the highest global response recorded in this category.

“This survey confirms for Visa that data security is as much a concern to consumers in China as it is to others around the world. Ensuring world class data security in rapidly developing markets is a top priority for Visa and its members” said Peter Maher, executive vice president and general manager, Risk Management, Visa Asia Pacific.

Australian consumers reflected the importance they placed on the role of advanced technologies to authenticate the transactions of genuine cardholders, with 63% of them saying it would make them feel much more secure, compared to the global average of 57% for this response.

Advanced security technologies such as EMV chip and data encryption are key fraud prevention programs, which Visa and its members are introducing to drive down fraud levels. Malaysia has already completed a national migration program to EMV chip and has introduced encryption throughout its payment system. The new technology has virtually eliminated counterfeit fraud in Malaysia.

Other data security initiatives being run across Asia Pacific include Visa’s Account Information Security, which helps merchants and payment processors improve their data security standards to safeguard cardholder data; as well as Verified by Visa - an online authentication program. Fraud as percentage of Visa's volume has declined in the last decade and is at an all-time low.

Globally, consumers also viewed broader education as part of the solution, with 40% reporting that they would feel more secure if they had more information about how to protect themselves against loss of their personal data. Still, education efforts are also making an impact, as consumers report changes in behavior, particularly when shopping online:

- 63% of consumers say they are more careful when disposing of financial statements
- 50% look at the privacy policies of companies with which they do business
- 62% of online shoppers are more discriminate about the sites at which they make purchases

Other potential measures cited by surveyed consumers included better enforcement of laws and zero liability for fraudulent use of payment cards, a protection already in place in Asia Pacific, Canada and the United States.

More than 6,000 consumers across the United States, Canada, the United Kingdom, Germany, Russia, South Africa, Australia, China, India, Japan, Mexico, and Brazil responded to the survey, which was conducted in November and December 2005 by Harris Interactive. The margin of error is +/- 1.3%.

See other recent news regarding: Visa, Credit Cards