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In the cyber-vulnerable world how much do we trust the banks?

How secure is digital banking and how comfortable to customers feel? The answers to this question may have shifted somewhat following a recent – and major – data breach in banking. As Digital Journal reported in July 2020, the hacker group ShinyHunters has claimed another victim in the guise of the digital banking app Dave. The hackers are said to have compromised the personal identifiable information of 7.5 million users.

Incidences like this may impact on the level of consumer confidence that exists in the digital finance sector. According to a recent survey from nCipher Security, 49 percent of U.S. citizens have said they would lose trust in their bank if it did not seem in control of data security. However, as things currently stand the poll shows that 52 percent of U.S. citizens trust banks the most with their personal data. While this represents a slight majority, the figure is not as great a many in the finance world would like.

Perhaps this sector relies on consumer confidence the most. Trust, as most financial organizations know, is the foundation of their relationship with customers.

Looking at the compiled data further, this reveals that 53 percent of those polled were saying that their trust in digital payments would erode if their bank failed to notify them of a hack within 24 hours. This suggests that the relationship between banks and their customers is relatively fragile. The survey was commissioned to gather insights on who they trust most with their personal data.

The research also found that 46 percent of consumers worry about cybersecurity the most when they buy something online.

68 percent of respondents said they fear identity theft.
62 percent of bank customers want financial firms to make security more reliable.
38 percent of those surveyed said they believe a hack should be a federal offense.

The survey group also ranked e-commerce services provided by brick-and-mortar retailers lowest (6 percent) when asked what organizations they trust most.

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Written By

Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, business, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.

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