WASHINGTON —Nearly 6 in 10 Americans —59 percent— trust banks most to keep their payments safe, according to a new survey conducted by Morning Consult for the American Bankers Association. Only 12 percent of consumers trust alternative payment providers, such as Apple, PayPal or Venmo, most to secure their payments.
“Across the board, banks continue to set the gold standard for payment security,” said Steve Kenneally, ABA’s vice president of payments and cybersecurity policy. “As new payment options enter the marketplace, consumers remain confident in their bank’s ability to secure their data and provide safe and convenient payment options for everyday transactions.”When asked “Which of the following do you trust most to keep your payments safe?” consumers provided the following answers:
- Banks—59%
- Don’t Know/No opinion— 23%
- Alternative payment providers, such as Apple, PayPal or Venmo— 12%
- Major retailers, such as Walmart or Macys— 4%
- Telecom companies, such as Sprint or Verizon— 2%
Kenneally also noted that banks are leveraging new technologies such as Zelle —which allows consumers to send money instantly through their bank’s mobile app— to make transactions more convenient, while maintaining an optimal level of security.
“Banks are making it a priority to explore and adapt technologies that provide customers with fast and easy options to transfer money and make payments,” said Kenneally. “With the convergence of new technology, banks remain committed to keeping customer payments safe and secure, while offering them the latest in payment innovation.”
The survey also found that younger adults— aged 18-29— are more likely to use mobile payment apps than any other generation at 37 percent, compared to 19 percent of individuals aged 45-64 and 10 percent of those aged 65 and older.
In recognition of National Cybersecurity Awareness Month in October, ABA is also highlighting tips to help consumers keep their mobile devices safe while banking, shopping and making payments online. In addition, ABA endorses a suite of cybersecurity solutions for banks. Learn more at aba.com/endorsed-cyber.
To help consumers protect their devices from lingering cyber threats, ABA recommends the following:
- Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen.
- Log out completely when you finish a mobile banking session.
- Protect your phone from viruses and malicious software, or malware, just like you do for your computer by installing mobile security software.
- Use caution when downloading apps. Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions.”
- Download the updates for your phone and mobile apps.
- Avoid storing sensitive information like passwords or a social security number on your mobile device.
- Tell your financial institution immediately if you change your phone number or lose your mobile device.
- Be aware of shoulder surfers. The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information.
- Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.
- Beware of mobile phishing. Avoid opening links and attachments in emails and texts, especially from senders you don’t know. And be wary of ads (not from your security provider) claiming that your device is infected.
- Watch out for public Wi-Fi. Public connections aren’t very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network.
- Report any suspected fraud to your bank immediately.
About the Survey
This poll was conducted by Morning Consult on behalf of the American Bankers Association from August 24-26, 2017, among a national sample of 2,000 adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment, and region. Results from the full survey have a margin of error of plus or minus 2 percentage points.
Click here for an infographic of the results.