• by Ray Schultz , Columnist, August 1, 2023

Consumers worldwide are nervous about the security of their digital data: Only 19% are unworried, according to Circles of Trust 2023: Exploring Consumer Trust in the Digital Society, a study from Utimaco, conducted by YouGov.  

Those from the U.S. are most likely to have experienced digital fraud. Given that, U.S. email teams are burdened with the chore of building brand trust even before the email is opened: through BIMI (Brand Indicators for Message Identification), and with transparency.

Of U.S. consumers polled, 26% worry a lot about digital security. However, that is below the global total of 32%, and way lower than the 58% reported for Mexico and 46% in Spain. 

In addition, 47% of U.S. respondents are only a little bit concerned, while only 19% say they don’t worry much, and 4% say they don’t fret at all.  

Yet 51% of U.S. consumers have suffered data loss, identity theft or fraud online. Only 9% say it was very damaging, while 20% said it caused some harm — but both are above the global average. The remainder report there was no damage.  

Strangely, some countries with the lowest gross domestic product share the same attitudes as those with the highest. For instance, Mexico and the U.S. have very similar attitudes, perhaps because of their close proximity.  

Here we come to the main focus of the study: Trust in financial institutions. 

Globally, only 13% absolutely trust banks and other institutions to keep their money and data safe, but that percentage rises to 17% in the U.S. Most have some trust in them. And 5% do not trust them at all, both in the U.S. and worldwide.  

What type of payment do people trust the most? That’s easy — cash. The global total is 36% and 37% in the U.S.

Another 14% of U.S. respondents prefer electronic money transfer or other forms of transfer, direct debit or standing orders. And 14% choose credit/debit cards and 9% mobile payment via digital wallets.  

YouGov conducted the research, surveying the following number of people in each country from April 3-7, 2023: Germany (1,056), the U.K. (1,058). the U.S. (1,054), Singapore (1,075), Mexico (1,063) and Spain (1,056).