Dive Brief:

• Most U.S. consumers (69%) say “chip and PIN” cards would make credit card payments more secure and 64% say they’re more likely to pay in cash once they hear of a breach, according to the study “Security Matters: Americans on EMV Chip Cards” by payment security company NXP Semiconductors and customer engagement technology company Vision Critical.

• Meanwhile, the National Consumer League’s Data Insecurity Report, conducted by Javelin Strategy and Research, found that victims of credit card fraud believe the U.S. government must do more to combat payment security issues.

• The National Consumer League, which surveyed credit card fraud victims in Chicago, Los Angeles, Miami, and Minneapolis, also found that 59% of fraud victims lose trust in the retailers where a breach occurs and will shop elsewhere.

Dive Insight:

In case retailers hadn't noticed for themselves, these studies document the major impact credit card breaches have on consumer behavior. One of the best things a retailer can possess is consumer loyalty; by the same token, one of the worst things to lose is consumer trust. Americans want government action in this area, and they will avoid retailers that, for whatever reason, have compromised their data.