Nearly 4.6 million people in the UK have had their personal details stolen and their bank accounts used to buy...
goods or services, according the latest Deloitte Consumer Review.
About two-thirds of more than 2,000 UK adults polled claimed to have received phishing emails aimed at stealing personal information.
A third of respondents said they had been a victim of ‘cybersquatting’ where a website that appears to be the site of a genuine company or brand is actually owned and operated by a third party who may be trying to defraud visitors.
Consequently, only 44% said they trusted companies to tell the truth about the quality of their data security procedures. And only 40% thought their data safe when they shared it with a company – even one they trusted.
“People are doing more and more online, and as consumers’ digital activities expand, so does their data footprint,” said Chris Gaines, partner in Deloitte’s enterprise risk services practice.
“Consumer awareness of cyber crime is at an all-time high, fuelled by first-hand experience and media coverage of recent high-profile security breaches,” he said.
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Nine out of 10 people said they had thought about the need to protect their activities and data online, while 88% thought it was the responsibility of the companies that collect their data to keep it secure and protect them from fraud.
Consumers want companies to take more action too. Three-quarters said they want businesses to introduce more ID authentication processes on their websites, despite the extra effort this would mean for them.
Deloitte said consumers are clearly placing the burden of security with the company, but this also presents an opportunity for retailers to differentiate themselves.
Two-thirds of respondents said they were more likely to use companies that went out of their way to show customers they kept their information safe.
Conversely, nearly a third of people affected by security breaches said they had shifted their loyalty away from the company responsible for losing their data.
Exceeding consumers’ expectations could help in maintaining loyalty and attracting customers, while failure to do enough could push them away, the Deloitte report said.
Banks top the list of organisations people trust least with their personal data, according to a survey of 2,000 UK consumers.
Mobile phone operators and retailers also fare badly, according to the study commissioned by collaboration and communication services firm Avaya and contact centre technology firm Sabio.
According to a similar report by research consultancy Davies Hickman Partners, six million UK consumers have stopped doing business with an organisation because of concerns about security.
“The information companies hold about their customers is one of their most valuable assets. In this new digital world, consumers will turn to trusted brands who they know will protect this data. Those that fail to act risk losing loyal customers,” said Gaines.