Shoppers will spend more cautiously – and potentially less – as a result of their fears about having their personal identity or credit card information compromised, according to a survey of consumers sponsored by IBM.
The research found that 14% of all consumers have had their personal information stolen, with one in ten of those thefts occurring during the holiday season. One-third of all cardholders said they might spend less while shopping online or via a catalog, and 29% indicated they might spend less in retail stores.
Overall, 61% are concerned about the safety of their personal or credit card information, and half of those believe their personal information is jeopardized, while 46% fear for their credit card numbers.
Concerns are growing: Two-thirds are more concerned about credit card and identity theft now than they were a year ago. Half of those are most concerned when using their credit cards either online or over the phone.
Asked what would alleviate their fears, nearly half wanted to see biometric technology, such as fingerprints, incorporated into the authentication process. Forty percent wanted to see stronger encryption technology, and a like amount were interested in a “dynamic signature pad” which would protect their fears about having their signature stolen. One-third wanted to use iris scans matched with data on the cards as a protection.
