Canadian Security Magazine

Discover survey: identity theft concerns won’t slow holiday shopping

By Canadian Security   

News Retail annex data breaches discover holiday shopping identity theft survey

An independent survey commissioned by Discover found that while 62 per cent of consumers are very or moderately concerned about identity theft or fraud, 73 per cent say concerns over recent data breaches won’t affect their holiday shopping.

When it comes to protecting themselves from identity theft and fraud, many consumers are taking proactive steps. According to the survey, 62 per cent of consumers say they monitor financial statements for suspicious activity, 41 per cent monitor their credit reports, 38 per cent use a credit card with built-in security features and 18 per cent subscribe to an identity protection service. Only 9 per cent report not doing anything to guard against identity theft or fraud.

Additionally, baby boomers (ages 55 and over) are the most diligent when it comes to protecting their identities — 69 per cent say they monitor their financial statements and 45 per cent use a credit card that has built-in security features.

By comparison, 56 per cent of millenials (ages 18 to 34) and 62 per cent of generation X (ages 35 to 54) monitor their financial statements, and 32 per cent of millenials and 37 per cent of generation X use a credit card with built-in security features.

The study also predicts that credit cards will be the most popular method of payment during the holidays, as 32 per cent of survey responders say they plan to use credit cards most often when making holiday purchases. Meanwhile, 29 per cent say they will use debit or prepaid cards and 23 per cent say they will mostly use cash. Only 5 per cent expect to use gift cards most often, and only 2 per cent will mostly write cheques.


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