More Than 80 Percent of Global Consumers Trust Mobile Wallet Security

New research from ACI Worldwide and Aite Group finds that only 43 percent of global consumers trust businesses to protect their data, while more than 80 percent of consumers generally believe their mobile wallet data is secure.  The data, Global Consumer Survey: Consumer Trust and Security Perceptions, is based on a survey of 6,035 consumers in 20 countries across the Americas, EMEA, and APAC.

Principal study findings include:

• Global consumers are not confident in firms’ abilities to protect their stored data; only in the U.S., (54%), India (60%) and Thailand (51%) do consumers report at least 50 percent confidence that their stored data is well-protected
• Across all regions, the top security concern is theft by computer hacking (32% in the U.S., 45% in Germany, 37% in Indonesia)
• Globally, over 80 percent of consumers think their mobile wallet’s personal and financial information is secure
• After experiencing fraud or a data breach, 65 percent of consumers indicated they would stop shopping with a given merchant
• Consumers are generally willing to interact with organizations to mitigate fraud, overwhelmingly preferring to engage with relevant organizations via mobile device
• 75 percent of consumers globally are very interested in receiving a call or SMS message to their mobile device to help mitigate fraud

“This data is a further wakeup call to the broader payments industry, including merchants, banks and financial intermediaries, that we must proactively educate consumers about security measures that are in place—to allay consumer concerns, which will not only result in enhanced customer experiences, but also help to reduce fraud losses,” said Andreas Suma, vice president and global lead, fraud and data, ACI Worldwide. “Moreover, consumers must become more proactive in securing their personal data by using the fraud prevention measures and services offered by their financial institutions.”

To receive a complimentary copy of the report, please click here or visit https://www.aciworldwide.com/fraud-survey.