Half Of Consumers ‘Very’ Or ‘Extremely’ Concerned About Using Personal Info Online

With the FBI reporting a 400 percent increase in cyberattacks on personal consumer data in 2020, PYMNTS analyzes the problem in the August 2021 study “The Privacy Paradox: Securing Data to Build Customer Engagement,” a Very Good Security collaboration, surveying nearly 2,260 U.S. consumers about their personally identifiable information (PII) concerns online.

In this excerpt, we look specifically at consumer interactions with digital payments platforms and anxieties around what happens to sensitive personal data (PII) shared in these ecosystems.

“Over the past 12 months, large shares of consumer respondents increased their use of platforms that manage cryptocurrency transactions (71 percent), telemedicine services (60 percent), retail delivery (60 percent), restaurant delivery aggregators (59) and online brokerage accounts (55 percent),” the study states.

Finding that consumers average 12 engagements per month with online platforms — 14 and 13 times per month on average, respectively, for millennials and bridge millennials — digital credentials are everywhere, and certain authentication methods make them more vulnerable.

See also: The Privacy Paradox: Securing Data To Build Customer Engagement

Angst about sharing PII “often relates to specific fears about data misuse, and there are generational differences as to why consumers are worried about data handling. PYMNTS’ researchers found that nearly all consumers exhibit some concern about the security of their PII online, with 81 percent at least ‘somewhat’ concerned about providing PII to access online accounts and 49 percent ‘very’ or ‘extremely’ concerned.”

Noting that PII worries “are often focused on platform breaches that can lead to data theft or unauthorized data access by criminals or other parties,” researchers found that “an aggregated 45 percent of consumers said they are afraid to share their PII either because they are worried about someone accessing their accounts (18 percent) or the personal information stored in them (27 percent). We found that 55 percent of consumers who do not store payment credentials with a merchant are worried about their payment data being stolen.”

Moreover, the new data shows that 57 percent of consumers “would be highly likely to switch to another online platform if they became concerned about a provider sharing or not protecting their PII. This share increased to 62 percent among baby boomers and seniors. Crucially, 65 percent of consumers were very likely to abandon a cart or stop an account sign-up process if they felt concern about the security of their personal information.”

See also: The Privacy Paradox: Securing Data To Build Customer Engagement