COSTA MESA, Calif.—Consumers are well aware of data security risks, but they show no signs of changing the way they use technology, a new study indicates.
A staggering 83% of consumers reported that technology has enhanced their daily lives, and 30% of participants said technology has improved their financial status, according to a new Experian report.
Despite the heavy reliance on technology, 93% of consumers said identity theft was a growing problem, and 91% believed consumers should be more concerned about data privacy violations, Experian stated. Nevertheless, only 36% of participants said they review privacy policy changes when they receive these notifications, and just 28% of consumers review privacy policies for mobile apps before downloading them.
“These statistics reflect those of a similar study recently published by the Center for Generational Kinetics,” explained Bill Hardekopf, CEO at Lowcards.com, Birmingham, Ala. “This survey studied how members of "iGen"—people born after 1996—view their privacy and financial future. The study showed iGen is more concerned with the threat of credit card fraud than they are with online privacy violations. This could put the young generation at risk of identity theft in the future.”