8 in 10 Americans Concerned about the Ability of Businesses to Safeguard their Financial and Personal Information: AICPA Survey

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8 in 10 Americans Concerned about the Ability of Businesses to Safeguard their Financial and Personal Information: AICPA Survey

Another day, another data breach. Recent news about cybercriminals obtaining more than 5 million credit card numbers from high-end U.S. retailers joined a series of major hacks and online data breaches. In 2017 alone, roughly 143 million U.S. adults, were hit by some form of malware, virus, spyware or phishing scam. Unfortunately, the frequency of attacks on Americans’ personal information has fostered a feeling of inevitability. In fact, according to results released today from a telephone survey conducted by The Harris Poll for the American Institute of CPAs (AICPA) of 1,006 Americans adults in the fall of 2017, nearly half of U.S. adults (48 percent) think it is at least somewhat likely identity theft will cause them financial loss in the next year.

“Protecting your information is an ongoing process that requires you to be vigilant, identify where you can improve and take action to firm up your safeguards,” said Gregory Anton, CPA, CGMA, chair of the AICPA’s National CPA Financial Literacy Commission. “This means regularly monitoring your credit card and bank statement and periodically checking your credit report for anything that looks out of the ordinary.”

“Having a good credit score and access to favorable interest rates is something that benefits people of all income brackets, but it is particularly important for those who are in a financial situation where a few percentage points in interest would make a big impact on their financial wellbeing,” added Anton. “Everyone should check their credit score for free with one of the three major credit reporting agencies at least once a year and not wait until suspicious activity occurs.”

A quarter of Americans (26 percent) said they have reduced their online presence, either turning off social media or visiting fewer websites because of concerns about data security. One in five (20 percent) have signed up for additional fraud detection or credit monitoring. Roughly 1 in 10 report they are switching their shopping to different national stores because of concern about data breaches (11 percent), placing a freeze on their credit (11 percent), or shopping online more often, because they feel like it is safer (11 percent). Five percent said they use alternative forms of currency. 8 in 10 Americans Concerned about the Ability of Businesses to Safeguard their Financial and Personal Information: AICPA Survey – Global Banking And Finance Review Magazine – Financial & Business Insights

 

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