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Shoppers More Concerned About Credit Card Security

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These days, many Americans are more concerned about the security of their debit and credit card accounts, and as such are more receptive to ways in which they may be able to better protect themselves from various types of fraud.

One new potential method that could allow consumers to have more assurance that their accounts won’t be hit with fraud is a technology that allows them to link their debit or credit cards with their mobile phones, which adds an extra layer of authentication to the purchasing process, according to a report from Finsphere, a developer of this kind of security method. And it turns out that, unlike other types of credit card account security technology that has gained some attention in recent months, consumers may be more receptive to it.

A study by market research firm Penn Schoen Berland found that 75 percent of consumers polled – on the basis of their having either or both debit and credit cards, a mobile phone, and the tendency to travel more than 100 miles from home at least once a year – said that they would sign up for an account with this type of security if their financial institution offered it, the report said. Further, 20 percent said they would consider switching from their current institution to a new one to get access to this type of security.

In addition, about two-thirds of those polled said that such a service would make them more confident when it comes to using their debit or credit card, the report said. About half also said they would use the card more often if such a service was available.

The poll also found that though consumers initially had trepidation about the potential of this kind of feature, but those concerns largely went away once the security was explained to them, the report said. They also noted that there was increased peace of mind and confidence in either or both of their financial institutions and cellphone service providers as a result of their providing this type of security. To that end, more than half also noted that when it comes to using these cards, they’d be more likely to do so if their wireless carrier was involved in the process.

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Other types of added security technology, such as near-field communications enabled smartphones and EMV chips in traditional credit cards, have not yet caught on with consumers.

Image: gruntzooki, via Flickr

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