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MasterCard Study: Consumers Should Be More Proactive With Protecting Financial Information

July 9, 2024         By: Thadeus Geodfrey

A new survey from MasterCard has revealed that there are significant differences between what consumers say, and what they do.

Out of 1,000 US consumers, ninety-two percent of these respondents believe that they have taken adequate precautions when it comes to protecting their financial information.

At the same time, it is clear that 77 percent of Americans are anxious about their financial information being stolen or compromised, and many are not taking enough steps to protect themselves adequately.

As it stands, 46 percent of Americans rarely change the passwords to their online financial accounts, and 44 percent use the same password for multiple online accounts. However, the new chip cards that are being introduced due to the US liability shift are well received, with 69 percent of consumers planning to, or are already making the transition to using them.

Consumers need to be awakened so that they realize there is a contrast between what they say and what they do to protect their financial information.

While the respondents showed a high degree of trust in their financial institution, with 88 percent believing that their payment network of choice was arming them with technology to fight fraud, consumer habits may lead to a break down in security.