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Two-fifths of online shoppers 'don't change passwords'

Jan 05
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Two-fifths of online shoppers 'don't change...

Despite the recent increase in high-profile data breaches, many online shoppers are failing to change their passwords on a regular basis, according to a recent survey

KPMG's 2014 Holiday Shopping Survey discovered that 66 per cent of the 1,400 US consumers polled said they would be using the internet to purchase gifts.

However, almost two-thirds (63 per cent) were unsure or not confident about the security of the personal and payment information that they used to complete a transaction.

Furthermore, 47 per cent of online shoppers admitted to storing some or all of their credit and debit card information on regularly-used retailer websites for quick and convenient access to their accounts.

Despite this, two-fifths of those surveyed admitted that they have not changed their account passwords during the last 12 months.

Of those that changed their passwords on a regular basis, more than two-fifths (41 per cent) claimed that their decision to do this was influenced by recent news of an information security breach at a retail company, such as Target.

KPMG's survey also revealed that 27 per cent of consumers will only do business with a store that has been implicated in a data breach if they are unable to find the product anywhere else, while eight per cent refuse to shop at these retailers all together.

More than one in ten (12 per cent) of consumers who change their password on a regular basis do it because they have previously been a victim of identity theft and feel that they understand the importance of maintaining adequate password protection.

Of those that did not take the same security measures, 38 per cent feel that their passwords are strong enough and 36 per cent believed that changing their passwords was too much of an inconvenience.

Tony Buffomante, partner and retail cyber security leader for KPMG, believes that passwords are an important line of protection to safeguard people against identity theft.

He added: "However, cyber security is a joint venture between the retailer and the consumer. Both parties need to fortify each end of the transaction and not assume that one end is more secure than the other.

"From the consumer side, that means installing challenging passwords, changing them regularly and monitoring their accounts. For the retailers, they need to implement policies, procedures and controls to mitigate cyber security threats and constantly monitor for potential breaches of customer information."

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