Honeywell Survey Reveals Consumers Care More About Credit And Debit Card Security Than Their Health Or Retirement Savings

FORT MILL, S.C., Sept. 30, 2014 /PRNewswire/ -- As data breaches at major retailers have compromised the personal information of millions of customers over the past few years, a new consumer trust survey from Honeywell (NYSE: HON) found that the security of credit and debit card information is a bigger concern for consumers (93 percent) than their health (84 percent), retirement savings (81 percent) or losing their cell phone (63 percent).

The survey, conducted by KRC Research, polled more than 2,000 credit or debit card users over 18 years old in the United States about the impact of recent data breaches on consumer trust, actions and expectations.

"When consumers are more worried about the security of their credit and debit card information than their health or retirement savings, it shows an erosion of trust and a growing consumer fear when handing over their personal data to retailers," said Bob Grabowski, vertical marketing leader for retail, Honeywell Scanning & Mobility. "Consumers are clearly stating that there must be an immediate shift for retailers to proactively use the most advanced technologies available to ensure the safety of their information at all times."

Is My Data Truly Safe?
According to the survey, consumers have widespread awareness of and concern regarding recent data breaches at major retailers.

• Nearly all (90 percent) respondents have heard about recent credit or debit card breaches at major retailers.
• More than one-fifth of respondents stated they do not feel secure when paying with debit cards at retail establishments.

The Impact of Breaking Consumer Trust
Survey results reveal that consumers are wary of existing data security practices and think that retailers should be doing more to protect their data. In fact, consumers said they are willing to change their shopping behavior to safeguard their data if they personally suffered from a data breach.

• Seventy-six percent of consumers surveyed would forego credit and debit transactions and 38 percent said they would entirely avoid a particular retailer if they personally suffered from a data breach.
• Most respondents (81 percent) would be angry to learn that their favorite national retailer was not already using the best available technology to protect consumer information.

Consumers Demand Greater Protection
Consumers surveyed want retailers to use the latest in encryption technology to protect any transaction made using debit or credit cards, so that even if the data itself is stolen, it cannot be used. Encryption technology only gives authorized parties access to private consumer details such as credit and debit card numbers.

• Nine in 10 consumers found retailers encrypting data to be a more appealing service for protecting their personal financial data than store-offered fraud and identity theft protection services (73%) or those services offered by a third party (61%).
• Respondents felt retailers could be doing more to protect their financial information and stated they will shift shopping habits toward retailers that take security seriously, with 82 percent reporting a willingness to shop more frequently at stores that leverage point-to-point encryption technology.
• Ninety-three percent of respondents support government-mandated security safety requirements.

Honeywell Delivers Data Security to Retailers
These results point to a strong demand for data encryption technology for security purposes at retailers nationwide. Honeywell Scanning & Mobility's industry-leading data security solutions for retailers help ensure that customers can shop safely and securely. Working in conjunction with payment processing companies, Honeywell Captuvo sleds for Apple iOS devices encrypt credit card data at the instant a card is swiped, ultimately securing consumer data. It also enables the retail associate to complete the transaction in front of the customer, providing additional peace of mind that the credit information is not compromised. Payment gateways and processors then decrypt the data in secure facilities just before sending it on to credit card companies, such as Visa or MasterCard, for processing.

About the Survey
The Honeywell Consumer Retail Trust Survey was conducted between April 22‒29, 2014, among 2,005 Americans age 18 and over who have used one or more credit or debit cards regularly, using an online survey by KRC Research, a global full-service public opinion research consultancy. Click here to download the full report from the survey.

Supporting Resources

• Read more about Honeywell Scanning and Mobility
• Visit Honeywell Scanning & Mobility Facebook
• Follow @HoneywellAIDC on Twitter
• See Honeywell Scanning & Mobility on LinkedIn
• Watch Honeywell Scanning & Mobility on YouTube

Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; turbochargers; and performance materials. For more news and information on Honeywell, please visit www.honeywellnow.com.

Honeywell Scanning & Mobility (HSM) is a leading manufacturer of high-performance image- and laser-based data collection hardware, including rugged mobile computers and bar code scanners, radio frequency identification solutions, voice-enabled workflow and printing solutions. With the broadest product portfolio in the automatic identification and data collection industry, HSM provides data collection hardware for retail, healthcare, distribution centers, direct store delivery, field service and transportation and logistics companies seeking to improve operations and enhance customer service. Additionally, HSM provides advanced software, service and professional solutions that help customers effectively manage data and assets. HSM products are sold worldwide through a network of distributor and reseller partners. For more information on Honeywell Scanning & Mobility, please visit www.honeywellaidc.com.

SOURCE Honeywell

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED