Consumers steadfast in trust of FIs keeping personal info secure

first_imgConsumers trust credit unions and banks much more than brick-and-mortar retailers to keep personal information and data secure, according to a recent Gallup poll.More than nine out of 10 consumers (91%) hold some or a lot of trust in their primary financial institution when it comes to safeguarding personal data, while less than 70% of consumers trust merchants.The federal government and social networking sites finished second-to-last and last in the poll with rates of trust of 45% and 23% respectively.Brick-and-mortar merchants have been responsible for a number of high-profile breaches over the past 18 months, including the Target and Home Depot breaches that ultimately cost credit unions nearly $90 million.CUNA continues to remind lawmakers that merchants are not held to the same stringent data security standards that the Gramm-Leach-Bliley Act imposes on financial institutions, leaving both the payments network and personal consumer data vulnerable to cybercriminals. continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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