UK consumers fail to take data security seriously

The research made among among 2,000 UK residents highlights that people care more about bank fees than they do about security. Only 24% of respondents would change their bank if it suffered a data breach compared to 41% who would change banks if charged too much in fees.

Also, consumers are not worried about losing financial data. Just over half (52%) are concerned about losing payment card details and only 54% are concerned about losing bank account details. Almost 40% of respondents admit to having read their own card details out loud in a public space. This compares with only 22% of consumers in a similar survey conducted for Semafone in 2014.

Tim Critchley, CEO of Semafone, said that consumers appear to be failing to take data security seriously. In the UK this is particularly worrying, considering that card-not-present (CNP) fraud accounts for three quarters of the GBP 88.5 million that is lost every year though fraudulent card transactions. If consumers are unconcerned about data breaches before they happen, this relaxed attitude will be turned on its head once their data is in the wrong hands and they are at risk of fraud.