Despite Target’s best efforts, it seems like the damage is done: according to a recent survey conducted by the nonprofit org American Consumer Credit Counseling, nearly 7 in 10 Americans don’t trust retailers with their data.
Here are the big findings:
- 64% of participants “don’t trust” retailers with their credit/debit card data
- 42% say they’re now more likely to pay with cash or check
And this isn’t just paranoia, either.
- 52% have had personal information compromised
- That number jumps to a whopping 65% among the 35-54 set
The rest of the release delves into services offered by the organization, but the point is clear: public opinion has turned against retail brands on this issue. And while most Americans will keep using their cards in stores, the value of that lost trust is impossible to quantify.
We may critique Target’s latest moves toward transparency on the security front, but they’ve clearly got the right idea.