A Retail Perceptions study has discovered that 71% of shoppers indicate that using a chip makes them feel more secure when shopping.
There is no doubt that when your systems and information are compromised, your business suffers. According to Retail Perceptions, long term effects are unavoidable as well. The survey showed that 69% of shoppers say that they won't sign-up for a store credit card once there's been a breach at the retailer, and likewise about 56% say they would not be willing to sign-up for a loyalty card after there's been a breach.
Nearly 64% of shoppers say that they accept that security breaches are now a part of the shopping process. This acceptance does not mean that they are happy about it, but just that they are aware of the problem of trying to make the shopping experience secure.
The one good sign for retailers is that at least shoppers realize that it’s not easy to cope with security breaches and that it is hard for retailers to continually stay ahead of the criminals. Furthermore, about 30% of shoppers doubt that companies are investing enough in security measures and nearly half of shoppers 43% don't trust companies to keep their personal information safe.
Retail Perception representatives say some retailers falsely think that if they are using EMV chip credit cards that they have eliminated any chance of security breaches at the register since the EMV approach is stronger than conventional credit cards. The EMV chips do improve security, but there are still lots of issues to be solved.