Data breach and identity protection concerns are at an all-time high
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Holiday identity theft was analyzed in a recent report by Iris. According to the report, 73% of respondents expressed concerns about their personal and financial data being at risk during the holiday shopping season.
Most Americans (84%) say that past data breaches have impacted their willingness to shop with a specific retailer. Consumers were equally likely to express an impact on their willingness to do business with a breached retailer in 2017 (84%) and 2018 (83%). The levels dropped somewhat in 2019 (79%) and 2020 (78%) but crept upward in 2021 (81%) and 2022 (82%) and continued to rise in 2023.
Close to three in five adults (58%) surveyed would be more likely to do business with a retailer, consumer brand, bank, or credit card provider if they were offered identity protection services. Millennials (68%), followed by gen Z (64%), are more inclined than gen X (55%) and baby boomers (53%) to do business with a retailer, consumer brand, bank, or credit card provider that offers identity protection services.
One in three Americans (36%) trust credit card providers the most with their personal data this holiday shopping season, with respondents considering e-retailers (18%) and big box stores (16%) the most trustworthy among retail channels.
Local small businesses (13%) rank third in trustworthiness among retail channels, followed by department stores (6%). Four percent trust social media platforms the most with their personal data this holiday shopping season.
Read the full report here.
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