Marc Peiser, Cybersecurity Expert, Daemon, comments: “The prevalence of scams and fraud that consumers have reported experiencing in such a short time is alarming. As customer trust becomes inseparable from their shopping experience, it’s clear that retailers must bolster their cyber security efforts to safeguard their customers and maintain strong relationships.”
When it comes to personal finance and cyber security, 57% of consumers consider cash the most secure payment method, followed by credit and debit cards (44%) and Paypal (38%).
However, perception of payment security varies significantly by age. While only 12% of Baby Boomers trust digital wallets, this rises to 26% among Millennials and 40% of GenZ.
Conversely, 67% of Baby Boomers view cash as very secure, compared to 50% of GenZ. When it comes to buy now pay later (BNPL) 27% of GenZ see it as a secure option, compared to only 15% of Millennials and 9% of Baby Boomers.
Peiser adds: “As retailers introduce more payment options, it’s clear that consumer preferences must be factored in. There’s also a need for greater education around the security of newer payment methods to boost adoption, especially as cash usage continues to decline.”
While online threats remain a concern, in-store security risks are on the rise, significantly impacting consumer safety. In-store, 38% would like to see an increase presence of security guards, rising to 43% among Baby Boomers.
35% want more CCTV cameras, a figure that jumps to 38% for GenZ. Other popular security measures include AI to support detection (14%) and smart vending machines, with interest from 20% of GenZ.
However, 19% said there was nothing no additional measures would make them feel safer when shopping in-store. In the case of increased shoplifting cases in-store, 25% of consumers believe they are unlikely to be caught and prosecuted.
Peiser concludes: “Neglecting to implement robust security measures is damaging the in-store shopping experience. If consumers feel unsafe, retailers risk losing a loyal customer base. Retailers need a holistic approach to security that integrates both in-store and online protections, or they may face lasting changes to consumer behaviour.”