Credit card security key concern for consumers

The majority of Australians believe that the risk of credit card theft is increasing, according to a new survey commissioned by Transaction Network Services (TNS).

More than two-thirds of participants are concerned about the security of their payment data, while 85% believe the number of criminals trying to steal credit card data is on the rise.

“Our survey unveils high levels of concern about the security of payment card data and strong feelings among consumers that banks, retailers and other organisations involved in the payment card industry need to do more to protect their personal data,” said Lisa Shipley, executive vice president and managing director of TNS’s Payment Network Solutions.

“While the payments industry has made significant advances in protection in recent years, criminals continue to find increasingly sophisticated ways to target valuable payment card data. One in five respondents in our survey confirmed their credit or debit card data had been used fraudulently in the last two years, so this highlights that we must continue to drive forward with new security measures.”

TNS asked respondents about encryption as a solution and 74% said they believed this would be a secure way of protecting their personal data.

TNS is publishing the key findings of its survey in a new report, titled ‘Consumer Payment Card Data Security Perceptions’. Among other things, it also looks at consumer experiences with fraudulent card use, the falling levels of trust regarding payments made instore, and where consumers perceive responsibility for payment data security lies.

Image credit: ©stock.adobe.com/au/Leo Lintang

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