More than 2,000 consumers participated in the ‘This is Australia’ research, which investigated the sentiment towards data security and the impact on consumer behaviour.
The rising rate of credit card fraud, scammer activity and security breaches in Australia is giving consumers pause when they hand over their payment and personal data. The research also revealed that 34% of consumers have been a victim of a security breach or hack – the statistics are even greater (40%) for baby boomers and high-income earners.
Around half (49%) of respondents are not comfortable giving their credit card details over the phone, while 56% would opt for an alternative payment method. One third of young consumers (aged 18 – 24 years old) claimed to ‘absolutely refuse’ to share their payment information over the phone.
With 43% of consumers saying they would never return to a brand post-breach, and a further 43% reporting they would suspend purchasing in the aftermath of a breach, many Australian consumers are unwilling to forgive a company that compromises their personal data.
The small business sector in Australia is also perceived to be in the low-trust category. Over half of consumers surveyed trusted large national companies over small local businesses, based largely on the belief that larger organisations invest more in security.
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