September 24th, 2013 No Comments » | POSTED BY ROB

Trust Me With Your Data, I’m A Banker

Brits trust their banks and partners more than their parents, colleagues and charities, according to new research. Despite a turbulent past few years earning the financial services industry a battering, it appears that consumers have not been put off from sharing their personal information with the Big Four and more.

ATM keypad

Who will keep your secrets safe?

The survey, conducted by data centre company Interxion in conjunction with OnePoll, revealed that we choose to confide in best friends and partners over our parents, offering proof to the adage that “friends are the new family” when it comes to our deepest, darkest secrets. Other key findings included:

Most trusted sector to handle your personal information?

1.    Financial Services – 68%

2.    Retail – 15%

3.    Charity – 9%

Most trusted peer to share personal secrets with?

1.    Partner – 51%

2.    Best Friend – 39%

3.    Parent – 26%

For consumers there is no personal financial data more precious than a PIN number and so it is surprising that almost four in ten of us have shared our own with a colleague, friend or family member. Many consumers are unlikely to be aware of the impact this can have which includes difficulty when trying to claim against fraudulent activity and, in some cases, voiding bank policies such as home insurance.

Selling data for dosh

Knowing who to share personal data with is like walking on eggshells for many UK consumers, but the cautious attitude is most prevalent in the 55+ demographic, who are fairly frugal with the data that they give out. Financial reward for the sale of their data does not persuade them, with 96% of the age group refusing to sell their passport details for £5,000. It would appear that wisdom does come with age as, in comparison, 11% of 18-24 year olds would be happy to sell off their passport details for the same sum of money.

This summer it was revealed that organisations have been able to buy your personal data for as little as 32p, which makes data not only easy to source but is also a profitable money-spinner for organisations. According to Interxion research, the pieces of personal data that are worth the most financially are bank and passport details, of which 12% of Brits would be happy to sell. The reality is that as the data is so cheap via unethical means, they are unlikely to get close to a reward for themselves.

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