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Feedzai: Half put fraud prevention on merchants' shoulders
With the recent Target data breech security is top of many retailer, financial institution and business owner minds. And that is good because new data out from Feedzai indicates consumers are placing the responsibility for data security directly on merchants' shoulders.
As for how shoppers are looking at data breeches most (58%) of those between the ages of 18 and 34 believe data breeches are 'part of' the online shopping experience while only about one-third (38%) of those over age 55 believe the same. Other interesting findings include:
• 52% of those aware of data breeches believe shopping in-store is safer than shopping online
• 22% say they changed shopping behaviors because of recent breeches, 38% say they've 'stopped shopping' at affected retailers
• 40% say they're using cash more now than before the breeches
• 55% say data breeches are the responsibility of merchants
"Fraud prevention is now a matter of predicting complex consumer behavior based on changing sentiments," said Dr. Pedro Bizarro, chief data scientist of Feedzai. "These findings show that consumers believe it is the merchant's responsibility, but really it is a collective problem that the industry needs to understand in order to distinguish customers from criminals and keep payment data safe."
Meanwhile about 20% say losing cellphones or getting the flu are more aggravating than credit card theft; Americans also say being stuck in traffic or going to the DMV is more frustrating that having a credit or debit card stolen.
Image via Shutterstock
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