News

More Americans using cash to avoid data theft

March 20, 2014

Sixty percent of adults who are aware of data breaches such as those at Target and Neiman Marcus say merchants are responsible for preventing such incidents in the future, according to a nationwide survey by security software firm Feedzai. Respondents also said they were using cash more often since the breaches.

The study, "2014 Consumer Reaction to Financial Data Breaches Study," was conducted online by Harris Poll on behalf of Feedzai in January, and included 2,047 U.S. adults.

Who's to blame?

While the majority of those surveyed said merchants are responsible for preventing future incidents, others said the responsibility fell to others, including:

• the government (13 percent);
• banks (13 percent); and
• consumers (5 percent — increases to 10 percent among men aged 18–34).

They'd rather have the flu

Many U.S. adults find the theft of a credit or debit more aggravating than many other unpleasant events:

• 43 percent think nothing is more aggravating;
• 20 percent think getting the flu is more aggravating (25 percent of those aged 35–44);
• 20 percent think losing their cellphone is more aggravating (30 percent of women aged 18–34);
• 14 percent think being stuck in rush hour traffic is more aggravating; and
• 13 percent think going to the DMV is more aggravating.

… and they'd rather pay with cash

The breaches have brought about something of a revival in payment with cash:

• 40 percent of those aware of any data breaches said they'd started using cash for more of their purchases when shopping;
• 43 percent of those aged 18–34 said they're using more cash; and
• 45 percent of those aged 35–44 said they're using more cash.