Nearly 4.6 million UK consumers have had their personal details stolen and their bank accounts used to buy goods or services online, according to new research.
The report from business advisory firm Deloitte, which surveyed 2,000 people to measure their awareness of cyber security, found that less than half of consumers trust companies to tell the truth about the quality of their data security procedures.
A further 88% of those surveyed said it’s the responsibility of the companies who collect their data to keep it secure and protect them from fraud.
While two-thirds of consumers said they were more likely to use companies that went out of their way to show customers they kept their information safe.
Chris Gaines, partner in Deloitte’s enterprise risk services practice, said: “People are doing more and more online, and as consumers’ digital activities expand, so does their data footprint.
“There is an opportunity for companies to gain a competitive advantage if they can show customers their information will be safe. Customers expect businesses to protect their personal information and are ready to shop elsewhere if these expectations are not met.”