Survey examines consumer payment safety reliance

Results of a survey released this week found that 59 percent of Americans trust banks most to keep their payments safe.

Morning Consult, which conducted the survey on behalf of the American Bankers Association (ABA), noted 12 percent of consumers trusted alternative payment providers, such as Apple, PayPal or Venmo, most to secure their payments.

“Across the board, banks continue to set the gold standard for payment security,” Steve Kenneally, ABA’s vice president of payments and cybersecurity policy, said. “As new payment options enter the marketplace, consumers remain confident in their bank’s ability to secure their data and provide safe and convenient payment options for everyday transactions.”

The poll was conducted from Aug. 24 to 26, 2017, with a national sample of 2,000 adults. Interviews were conducted online and data weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment, and region.

Surveyors said the work also determined 37 percent of adults age 18 to 29 are more likely to use mobile payment apps than any other generation, compared to 19 percent of individuals age 45 to 64 and 10 percent of those age 65 and older.

ABA officials said the organization serves as the voice of the nation’s $17 trillion banking industry, employing more than two million people, safeguarding $13 trillion in deposits and extending more than $9 trillion in loans.