Consumers Stress Over Security of Financial Info

If you read the news regularly, you read about data breaches and massive hacks just about every week. That can make you a little nervous about safeguarding your financial information.

A new MasterCard survey reveals you are not alone. Seventy-seven percent of consumers are anxious about their personal and financial information being hacked. In fact, the fear of a hack is higher than the fear of compromised e-mail (62 percent) or a home robbery (59 percent).

And get this: 55 percent of survey respondents said they would rather have naked photos leaked on the Internet than have their financial data stolen. HowEUs that for too much information?

EUOur survey reveals thereEUs a sharp contrast between what people say or think they are doing to protect their information and what they actually do, but thatEUs understandable,EU said Carolyn Balfany, senior vice president of U.S. Product Delivery -- EMV at MasterCard. EUWeEUre human.EU

How Lazy Can Consumers Get?

HereEUs the good news: Americans want to do more to protect their own financial information. Unfortunately, the survey reveals few seem to recognize how their day-in and day-out habits put them at risk.

For example, 92 percent of Americans believe they take precautions to protect their financial information, yet 46 percent rarely or never change passwords for online financial accounts. WhatEUs worse, 44 percent use the same passwords for multiple online accounts, and 39 percent have checked their financial data online on public networks.

Credit card companies are taking notice and moving to help consumers protect their financial information with less effort through new ways to pay. Sixty-nine percent of consumers are using chip cards -- with embedded computer chips in the card face -- or plan to use them soon and 56 percent use mobile digital payments through an app or Web site, or plan to try it soon.


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